Gold price and WTI crude price heads lower, but natural gas price makes gains
While gold has trimmed recent gains and oil prices remain firmly under pressure, natural gas prices have finally made some headway.
Gold eases back off recent highs
Last week, spot gold witnessed a surge to new highs above $2450.00, though a broader risk-off move in the second half of the week saw gains trimmed.
While the price has dropped back below the previous May high, it remains above the 50-day simple moving average (SMA), currently $2360.00.
A close back above $2420.00 would help to provide hope of a short-term low and a new push towards $2450. Alternately, the price may now test the 50-day SMA.
WTI takes a sharp turn lower
WTI crude oil slumped on Friday, taking the price back to mid-June levels.
It now looks like a lower high was created at $84.00, and a close below the declining 200-day SMA ($78.40) would amplify the bearish view and raise the risk of a move back to the June lows around $73.00.
Bulls will want to see a revival above $80.00 to help stabilise the price and raise the prospect of a rally towards $84.00.
Natural gas rallies for a third day
The natural gas price has rallied for now, and has arguably formed a low that will see a rebound develop towards the 100-day (2309) and then the 200-day (2454) SMAs.
For now it has held support at 2061, so a close back below this would negate the short-term bullish view.
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