Gold price makes small gains and WTI crude price returns to trendline resistance, while natural gas hits six-month high
Gold is unable to make much headway to the upside, while WTI crude is back at trendline resistance. Natural gas prices, meanwhile, have pushed through the January and May highs.
Gold edges higher
The price has continued to recover some of the losses sustained on Friday, holding above the early May low.
If $2285 continues to hold then a short-term bounce may continue, targeting Friday’s highs at $23.88, and from there the price heads towards the $24.50 highs from mid-May.
A close back below $2280 opens the way to a test of the 100-day simple moving average (SMA).
WTI back at trendline resistance
WTI has rebounded to trendline resistance from the April highs, recouping much of the ground lost in late May.
Sellers will be watching for a reversal back below $77.50 that might indicate that a lower high has formed, and this might then target the lows of last week around $72.70.
A close above trendline resistance then targets the late May high at $80.46, and would help to revive the bullish view in the medium-term.
Natural Gas punches through double-top
The price made strong gains on Tuesday, and closed above the 3100 highs from January and late May.
The bounce from the late May low remains firmly intact, and now the price will target the mid-November highs at 3380. Beyond this lies the 2023 high at 3665.
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