Gold price attempts to recover but WTI crude price and natural gas price fall
While gold is trying to move higher from a two-week low, both oil and natural gas prices have fallen again.
Gold moves higher off two-week low
Hopes of a continued move higher were dashed yesterday, and the spot gold price fell back once more.
Overnight, it hit a two-week low, but buyers entered and so far the price is holding firmly above the lows of the session. It still needs a close above $2650 to suggest that another sustained attempt at a push higher is underway.
Further pressure could see the price drop through $2600 and then target the $2550 low from mid-November.
WTI back at $68
The WTI crude oil rally in the first half of the week fizzled out, and the price finds itself back at $68.
Gains stalled at $70, as Organization of the Petroleum Exporting Countries (OPEC+) reported it would push its expected output hike further back, but this was not enough to support a continued move higher.
Further declines head to $66.60, and then down to the September low at $64.80. While sustained downside has been lacking, the recent run of lower highs leaves the downtrend in place.
Natural gas drops after recovery fizzles
There had been some signs of stabilisation in the natural gas price after its pullback from the November high, with Wednesday’s session witnessing a close well off the lows.
But the situation reversed on Thursday, and the price finished the day firmly off the highs. Further losses this morning suggest additional pressure on the price in the short term, potentially targeting the lows of October at 2640.
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