Gold price rally stalls for now, while WTI crude price and natural gas price come under pressure
Early trading has seen gold consolidate, while both WTI and natural gas have headed lower.
Gold’s surge pauses
After rallying hard over the past two weeks the spot gold price has slowed down, though it remains above $2400 for the time being.
Overall the breakout from the end of June has reasserted the bullish view, and further gains are expected as the price pushes on towards the May high around $2450.
A close back below the 50-day simple moving average (SMA), currently $2349, would mark a possible return to the $2280 lows of May and June.
WTI weaker in early trading
The WTI crude oil price weakened on Friday, slipping back below $82, and the losses have continued into the new week.
A close below the 100-day SMA (currently $80.42) and below the $80 level would suggest a possible test of the 200-day SMA.
Buyers will want to see a close back above $82 to indicate that a low has been formed and that the price may now move back towards $84.
Natural gas keeps on falling
The natural gas price continues to decline, and has touched a fresh two-month low in early trading.
Hopes of a rebound have been continually dashed in recent weeks. The price has closed below the 100-day SMA once more, and shows no sign of forming a low yet.
Further declines target 2061, or the 2130 highs from late April. Bulls will need a close back above 2350 at the least to indicate that at least a short-term low has formed.
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