Gold moves to new highs while WTI crude oil suffers fresh losses and natural gas rally stalls
Gold prices are still making gains, while oil prices have seen sharp losses. Natural gas, meanwhile, has paused after recent gains.
Gold continues to make new highs
The story for gold remains the same as it has all week. The price has made new highs while moving further away from short-term trendline support from the early September lows.
A close back below the previous high at $2600.00 would also likely see the price back below trendline support, which may yet open the way to a broader short-term retracement.
WTI pauses after heavy losses
WTI crude oil prices have slumped over the past two days, reversing the gains made in early September.
Further declines head towards the September lows around $65.00, with a move below this creating a lower low and bolstering the downtrend. Below this lies the May 2023 low at $63.76.
Any short-term rally may struggle to breach the recent high around $71.68.
Natural gas rally slows
Natural gas gains this week have stalled below 2900.00, though the price has still enjoyed an impressive bounce since late August.
Rising trendline support from late August continues to underpin the price. Further gains would head towards the highs of May and June around 3050.00 to 3200.00.
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