Gold price and WTI crude price lower, but natural gas price rises
While gold and crude oil have both come under pressure, natural gas prices have risen.
Gold drops back
While the spot gold price was able to bounce off Tuesday’s lows, there has been fresh selling overnight that might yet turn into a more substantial pullback.
Forward momentum has been lacking over the past week, with the price unable to push on above $2950.00. In the short-term, a close below $2850.00 bolsters the bearish view, though the longer-term rally remains intact.
WTI at two-month low
Yesterday saw a substantial move to the downside, which took the WTI crude oil price to its lowest level since late December.
Hopes of a sustained move higher have been almost entirely dashed, and now the price looks set to move towards the $68.50 level. From there the $67.00 support level comes into play. Buyers would need a close back above $70.00 to suggest the selling has been halted.
Natural gas moves higher
The short-lived natural gas reversal from last week’s highs was itself unwound yesterday, on a day when crude oil prices suffered sharp losses.
A resumption of the move higher targets the 4400 level, though the price remains overstretched in the short-term from the 50-day simple moving average (SMA).
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