Gold price rises but WTI crude price and natural gas price fall back
Gold has pushed higher, and now targets the previous record high, while crude oil and natural gas continue to fall.
Gold eyes up recent record
Dollar weakness has helped drive fresh gains here, with the spot gold price still on course to test the highs from the end of October.
It has been an impressive recovery for gold, which has rebounded from its December lows and looks poised to reach new record highs. Upside momentum remains strong, as indicated by the high stochastic reading and as yet there is no sign of a reversal.
WTI pullback continues
WTI crude oil's slump from the recent six-month high continues, though it remains above the 200-day simple moving average for the time being.
As yet there is no sign of a low forming, and further losses would target the early January low around $72.50, which also coincides with the early November high. Below this the price would target $71.10.
Natural gas drops back
After moving higher on Wednesday the natural gas price has reversed course, continuing to suffer losses.
A test of the 50-day simple moving average looks likely – this ha held as support in recent months, and a close back below it could signal a new move lower. A close back above 3600 might indicate a revived bullish move.
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