Gold price edges lower, while WTI crude price gaps down and natural gas price pushes higher
Early trading in Monday’s quiet session has seen gold and WTI fall back, but natural gas prices have risen.
Gold eases back from highs
Spot gold prices have seen their rally stall over the past week. The price has fallen back from the highs, though the uptrend is still in place.
Renewed declines might test the July peak at $2485.00, and then below this lies the 50-day simple moving average (SMA). A close above $2530.00 reignites the uptrend and pushes the price to new highs.
WTI still under pressure
The WTI crude oil price slumped on Friday on news that OPEC plans to increase production in October despite sluggish demand.
A gap lower in Monday trading briefly saw the price hit a one-week low, bringing the price into the zone around $72.00 that has marked the low twice in the past month.
If this holds again then a new bounce may materialise. Alternately, sellers will need a close below $71.50 to indicate that this support zone has been broken to the downside.
Natural gas gaps higher
After gaining over the second half of last week, the natural gas price has gapped higher today.
The bounce from early August stalled at the 200-day SMA, so any rally needs to clear this and then push on above the August highs of 2380 to indicate a more substantial push higher is at hand.
A reversal would see the price test the 2060 lows from last week, and a close below this opens the way to the early August lows around 1917.
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