Gold price and WTI crude price rally, but natural gas price drops further
While natural gas remains under pressure, gold’s rally continues, and oil prices have rebounded from the lows of the week.
Gold pushes through $2400
Yesterday’s US inflation data spurred the price of spot gold higher as the US dollar weakened.
This took the price back to its highest level since the end of May, and puts it firmly on course to reach the May record highs at $2450.
Over the past month the price has rallied through trendline resistance, and then above the 50-day simple moving average (SMA), after forming a base around $2280.
WTI rebounds
After touching a two-week low on Wednesday, the WTI price has rallied, maintaining the short-term bullish view.
Further gains will target the highs from earlier in the month, at $84, and from there the April high at $87.25 comes into view.
The bullish view remains in place following the rebound on Wednesday, and it would need a close back below the 100-day SMA and below $80 to suggest that the sellers have regained control.
Natural gas continues to fall
Hopes of a rebound here have been dashed, after the natural gas price’s gains of Tuesday and into Wednesday fizzled out.
The price continues to push lower, and it has opened below the 100-day SMA for the first time since early May. As yet the buyers appear unable to reassert control, even with the price now arguably oversold.
Further declines target 2136 and then 2061, the latter being the early March peak.
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