Gold price, WTI crude price and natural gas price make gains
Commodity prices continue to move higher, with gold back at its recent highs and WTI and natural gas rallying.
Gold back to recent highs
The spot gold price shook off the post-Federal Reserve (Fed) weakness and rallied once more on Thursday, moving back to its previous highs overnight.
The buyers remain firmly in charge on a daily timeframe, and the current outlook points towards further gains over the medium term. Sellers will need a close back below $2550.00 to suggest that at least a short-term pullback to the 50-day simple moving average (SMA) is underway.
WTI’s counter-trend bounce goes on
WTI crude oil prices continue their rebound from the low two weeks ago, though with the 50-day SMA still heading firmly lower the short-term downtrend is still intact.
The modest rebound has a long way to go to avoid creating another lower high, with the late August high still some distance away at $77.10. Any turn lower below this could revive the bearish outlook and lead to another leg lower.
Natural gas pushes higher again
The natural gas rally continues here, with the price bouncing off Thursday’s low to avert any short-term downward move.
A close above the 2633.00 highs from Tuesday would mark a new bullish development, and mark a fresh milestone in the recovery from the August lows.
Sellers will need to push the price back below 2400.00 to suggest a new turn lower is at hand.
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