Gold price at new highs while WTI crude price and natural gas price rallies slow
While gold has moved to yet another record high, oil’s bounce has slowed and natural gas has consolidated after recent gains.
Gold scales new highs
The spot gold rally here has accelerated away from the 50-day simple moving average (SMA), moving to a fresh record high.
For the moment the buyers remain in control, with no sign of a reversal of any significance yet in sight. A weaker US dollar continues to drive the price on a macro level, while technically trendline support from early September remains in place.
While this remains untested, upward pressure will likely continue.
WTI struggles around $71.50
Some early WTI crude oil weakness on Wednesday follows on from a finish off the highs on Tuesday.
However, while the gains have slowed, a top has yet to form. This may come with a close back below $70.00, which would open the way to the September lows once again.
A recovery back above $72.00 would put the buyers in charge once more, and suggest the price will test the 50-day SMA.
Natural gas rally slows
Natural gas saw an indecisive session yesterday, after its huge gains on Friday and Monday.
Trendline support from the late August low remains in place, and will help support the bullish view. The recent surge has seen the price move away from the trendline, so a drop back towards 2700.00 would not yet suggest a full-blown reversal.
Further gains target the May and June highs, around 3050.00 and 3120.00.
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