Gold price comes under pressure but both oil and natural gas prices remain stable
While gold is struggling in early trading, both oil and natural gas have held up well.
Gold continues to struggle
After rallying at the start of the year, the spot gold price has begun to shed ground, falling back below $2650.00.
Bullish momentum has eased since the November low, and the drop back from the early January high suggests that buyers are continuing to struggle. A close back above $2665.00 might then open the way back to the highs of late November and mid-December, around $2720.00.
WTI holds around $74.00
WTI crude oil's surge over the past month has carried it to its highest level since mid-October.
Bullish momentum remains strong, as indicated by the high stochastic reading; this might lead to an attempt to push through the $74.00 highs from last week.
A reversal back below $72.60 would signal that the downtrend has reasserted itself, and might prompt further losses bac towards the lows of November and December.
Natural gas higher after drop from 2-year highs
natural gas prices have seen impressive volatility in both directions over the past three weeks.
The surge of late December carried the price to 4000 for the first time in almost two years. This was followed up by a dramatic slump that wiped out most of the gains made since mid-December.
However, the price has recovered in early trading this morning, helping to support the bullish view. This might then target 3620, the late November highs, and then on towards the December high.
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