Gold price and WTI crude price move higher, while natural gas price struggles
While gold and WTI are both higher, natural gas prices continue to struggle.
Gold makes gains
The price has held steady just below the 50-day simple moving average (SMA) over the past week, after its latest recovery from $2300.
It drifted through trendline resistance from the May high on Friday, but has seen little upside since then. A close above the 50-day SMA and above the mid-June high of $2365 would spark a new leg higher, and could put the highs of May back in play.
Sellers will be watching for a close back below trendline resistance to suggest another test of $2300.
WTI rallies to ten-week high
The price briefly climbed to the $84 level yesterday, having made strong gains on Monday.
While it then fell back from the session highs, the overall bullish view is still firmly intact. The gains come after consolidation earlier in June, and with the price now firmly above the 50-, 100- and 200-day SMAs a bullish view continues to form.
A close above $84.00 would strengthen the short-term bullish view, with a longer-term target being the April high near $88.00.
Natural gas under pressure
The price has fallen back below the 50- and 200-day SMAs, and now sits at its lowest level since early May.
Further declines will target the 100-day SMA, should the price break below the January high of 2375.
For buyers, a close back above the 200-day SMA would be a positive first step, and a close above the 50-day SMA might suggest that a low has formed.
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