Gold, crude oil prices drop while natural gas prices gap higher
Gold, crude oil prices drop while natural gas prices gap higher during Veterans Day holiday.
Gold price under pressure
The spot gold price’s around 3% drop following Donald Trump’s election as the 47th president of the US as safe haven trades were unwound, last week took it to a three-week low at $2,644.00 per troy ounce, a level which seems to be back in sight, following Monday morning’s sell-off. While the next lower $2,605.00 early October low holds, though, the medium-term uptrend remains intact.
Minor resistance can be spotted at the $2,685.00 late September high and Thursday as well as Friday’s $2,710.00 peaks. While these cap, downside pressure should maintain the upper hand.
Crude oil price drops again
The WTI crude oil front month crude oil futures price is taking a hit on China’s disappointing stimulus effort with last week’s low at 69.54 back on the map.
The 55-day simple moving average (SMA) at 70.75 may act as minor resistance ahead of the more significant 72.30-to-72.59 resistance zone which consists of the late September, 24 October and last week’s highs.
A fall through 69.54 would probably push the 18 October low at 68.22 to the fore.
US natural gas prices jump
The natural gas recovery from Monday’s 2.665 low, formed marginally above the October low at 2.636, got a boost on Monday morning amid light Veterans Day Holiday trading as it gapped higher towards its early to late October highs at 3.081-to-3.141.
Potential slips may find support around last week’s high at 2.903 and also at Friday’s high at 2.863 with an upside target zone found around the tentative October-to-November downtrend line at 3.040.
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