Gold price stumbles, but WTI crude price and natural gas price make gains
Gold’s bounce has stalled but both natural gas and oil prices have made headway this week.
Gold drops back from resistance
The spot gold price fell back on Thursday, after managing to get back to the late November highs around $2720.00.
If the losses seen yesterday extend into today, we could see a renewed move back towards $2610.00, where buyers emerged towards the end of November. $2720.00 is the key level to watch in the event of a recovery, as this needs to be broken to open a path to the October record highs.
WTI enjoys a strong week
It has been a solid week for oil prices, with WTI once more rallying from $67.00.
Since late October the price has moved firmly into a range, moving between $67.00 and $72.00, though latterly it has faltered at $70.00. The downtrend from the April highs has come to a halt for the time being with this lack of lower highs, though the inability of the price to sustain a move higher over longer than two weeks still suggests a cautious outlook.
Natural gas rebound continues
The natural gas price has rallied around 12% from the 4 December low, renewing the uptrend after the pullback of late November.
After Wednesday’s surge the price saw some initial weakness on Thursday but recovered to post further gains. 3600, the high from late November, is the next target. It would need a reversal back below 3000 to suggest a renewed push lower that might then challenge the early November low.
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