Gold price rises but WTI crude price and natural gas price struggle
While gold is moving higher again, oil and natural gas prices are still under pressure.
Gold moves higher
The spot gold price recovered yesterday and has continued to move higher overnight.
A higher low may now be formed, putting the price on course to target $2450 and then on to the highs of last week at $2483. A close back below $2380 would set the price on a path to test the 50-day simple moving average (SMA), currently $2361.
WTI still falling
WTI crude oil hit a fresh two-month low yesterday, and while it rebounded off the lows it has yet to see a higher close that might suggest a low has formed.
If the price fails to hold above the 200-day SMA ($78.30), then the bearish view remains in place and more selling may drive it lower. Buyers will need a close above $78.30 to suggest that the current downward move has played itself out.
Natural gas bounce stalls
Expectations of ample natural gas supply have driven price sharply lower over the last two months.
While the price bounced last week, the gains faltered on Tuesday and more losses have been seen this morning. Further losses will test the lows of last week around 2060.
Buyers will want to see a recovery above 2300 to revive the momentum of the first two days of this week.
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