Gold price under pressure, but WTI crude oil price and natural gas price rise
While gold has dropped back from yesterday’s high, both oil and natural gas prices are rising.
Gold drifts lower from record high
The spot gold price hit yet another high yesterday, but has fallen back overnight.
It is too early to suggest that a pullback has begun, but short0term weakness may target the previous high at $2720.00. The uptrend is still in place, so any drop towards a higher low would likely be a short-term development.
WTI makes gains
The recovery in WTI crude oil prices from the lows of last week continues.
A higher low may finally have formed here after the pullback from the January highs. For the moment, $70.40 remains support. In the short-term further gains would target the early February high at $74.70. Beyond this the price will push on towards the January high.
Natural gas pushes higher
February has seen a steady rise for natural gas prices, which have shrugged off the weakness of late January.
The next target is the 23 January high at 3630. Beyond this lies the peak from mid-January at 3900. Sellers will want to see a close back below 3400 to suggest a high has formed.
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