Gold price higher, and WTI crude price holds steady, while natural gas price falls back
Gold prices continue their recovery from Monday’s drop, while WTI is holding around $69.00 and natural gas is falling back from the recent one-year high.
Gold recovers for a second day
The spot gold price has clawed its way higher over the past 48 hours, recovering from Monday’s big drop.
For the moment the selling has halted, but there is still some way to go before it recovers the highs seen at the end of last week. The November low around $2550.00 remains in place however, providing support for the time being and helping to avoid turning the view bearish in the short-term.
WTI holds around $69.00 for now
Monday’s WTI losses seem to have sparked off a new leg to the downside, though an indecisive candle yesterday helped to muddy the waters.
Nonetheless, a close below $68.00 will reinforce the bearish view and bring the recent lows around $67.00 into play. Below this is the September low at $65.40.
Natural gas heads lower from one-year high
A pullback seems to be developing, after the November natural gas rally to one-year highs.
Support may be found around the June high at 3200, or the 3150 high from early October. A close back above 3400 might suggest that the buyers have reasserted control. This would then open the way to the 3600 high from last week.
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