Gold price slumps while WTI crude price and natural gas price moves higher
Gold fell back sharply after Friday’s payroll reading, while WTI has made small gains. Natural gas prices have surged back towards recent highs.
Gold drops sharply following payrolls
Friday’s payrolls report dealt a heavy blow to the bullish these, sending gold to its lowest level since the end of April.
A strengthening US dollar followed hard on the heels of another expectation-smashing report, which seems to have crushed all hopes of Fed rate cuts in 2024. As a result the price has moved into a bearish short-term view.
The 3 May low at $2277 is the next major level to watch – a close below this would mark a fresh bearish move and target the 100-day simple moving average (SMA) at $2215.
WTI edges higher
Oil prices struggled to hold gains on Friday, but it has moved higher in early trading on Monday.
A short-term rebound would head towards the mid-May lows around $76.70, and from there the price then targets trendline resistance from the April highs.
This would continue to work off the short-term oversold condition, but a close back below $75 could put the price back on a downward path.
Natural Gas heads back to May highs
Natural gas has resumed its march higher, rallying on Friday and in early trading today even as other commodities fall back.
The price now targets the recent highs around 3100, and a close above here would negate the double-top view on the weekly chart.
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