Gold and oil prices keep falling, while natural gas rebound stalls
Gold and oil have come under fresh pressure this morning, while the recovery in natural gas is running out of momentum.
Gold pullback goes on
A retracement continues to gather pace here, though the uptrend is still intact.
The pullback from the April high has continued, moving below $2000 and with a declining MACD in place, sellers appear to hold sway in the short-term. An initial destination may be the 50-day Simple Moving Average (SMA) ($1922), or even down to the 100-day ($1889), a similar move to that seen in February.
A rebound back above $2000 might suggest that the buyers have wrested control once again.
WTI losses continue
The reversal here has almost entirely filled the gap of a month ago, potentially reviving the downtrend.
The failure to break above the 200-day SMA was certainly a negative development, and a move back below the 100- and 50-day SMAs would bolster the bearish view. This might then suggest an eventual move back down to the March lows.
Alternately, a revival above $80 might suggest another attempt to break the 200-day SMA was underway.
Natural Gas stuck below 50-day MA
The price has seen a recovery over the past week, though it has barely put a dent in the declines since December.
The bounce briefly moved above the 50-day SMA last week, but then fell back. A small recovery over the last two sessions of last week has stalled at the 50-day SMA for now.
Any reversal back below 2250 would argue for a fresh bearish view and a possible move to new 2023 lows.
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