Gold price steady and WTI crude oil price higher, but natural gas price drops back
While gold has held steady, oil prices have made further gains. Meanwhile, natural gas has dropped back from Friday’s high.
Gold holds its gains
The spot gold price continues its recovery and has remained unaffected by the post-payrolls turmoil in stocks.
Further gains target $2720.00, the highs of November and December, while beyond this lies the $2790.00 record high. The past week has seen a strong move higher, though there is still a risk of a lower high should the price reverse course and drop back below $2670.00. In this instance it might then target $2585.00 and then $2560.00.
WTI at new multi-month high
Oil prices renewed their push higher in the second half of last week.
WTI crude oil has now finally returned to the highs of October, having maintained the momentum seen in the second half of December. A weakening of daily stochastics could be a sign of diminishing bullish momentum in the short-term.
However, for the moment the buyers remain in charge, and it would take a move back below $75.00 to suggest some short-term weakness is at hand.
Natural gas edges down
After reaching a peak on Friday, the natural gas price has dropped back in early trading.
However, the overall push higher remains in place; short-term weakness below 3400 would be needed to suggest that a turn lower is at hand. Some support may be found around the 3600 high from mid-November.
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