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​​Gold price stabilises while WTI crude price holds steady and natural gas price drops back from highs​

Gold is showing some signs of stabilising after its losses, while oil prices remain quiet despite more poor China data. Natural gas prices have dropped back from resistance.

Gold Source: Adobe images

​​​Gold stabilises after losses

​The run of spot gold losses appears to have paused for now, after a recovery from the lows yesterday.

​For a higher low to form, we would need to see a positive close today and ideally Monday, perhaps taking the price back above $2600.00. This might then signal a resumption of the uptrend. A close back below $2550.00 leaves the sellers in charge.

Spot gold chart Source: IG
Spot gold chart Source: IG

​WTI edges lower

​The drop in WTI crude oil prices has paused for now it seems, as the price reaches the $67.00 area that marked support in September and October.

​However, the overall bearish view is still in place. Below the $67.00 area lies the September low at $65.00. Meanwhile, any bounce will need to clear the $72.00 area that marked the limit of gains in October and November, before moving on to target $75.00.

WTI crude oil chart Source: IG
WTI crude oil chart Source: IG

​Natural gas falls back from resistance

​The natural gas rally has encountered a check around the early October highs, falling back towards 2900.

​This leaves the price in a range from around 2600 to 2900. A return to the 2600 level could see sellers emerge. A breakout above 2900 targets the June peak at 3200.

Natural gas chart Source: IG
Natural gas chart Source: IG

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