Gold price higher, but both WTI crude price and natural gas price fall back
Gold has made gains in early trading, but both oil and natural gas are under pressure.
Gold makes gains
After dropping back on Friday and in overnight trading, the spot gold price has managed to move higher in early trading on Monday.
A close above $2720.00 is still needed to ignite a solid move to the upside, which might open the way to the record highs of late November. A short-term bearish view may develop should we see a close back below $2670.00.
WTI keeps falling
WTI crude oil prices have continued to shed ground after the high seen last week.
Crucially, daily stochastics have notched up negative divergence, with the price hitting a higher high during the month but stochastics failing to also reach a higher high. This could signal an extended pullback is at hand.
Short-term losses may target $74.00, where the price hit resistance in early January.
Natural gas drops back
The natural gas commodity remains in a volatile phase, as has been the case all month. Having neared the 4000 level once more last week, it has now fallen back towards 3400.
The rising 50-day simple moving average has acted as support since early December, and may come into play once again.
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