Brent crude oil price stabilizes as gold price nears record high and natural gas prices drop
Brent crude oil price stabilizes but ends week in the red as gold price nears record high and natural gas prices drop, having been rejected by resistance.
Brent crude oil prices stabilizes around early August low
Brent crude oil futures ended this week’s downward trajectory of four consecutive trading days at 75.24, marginally above its early August low at 74.97.
The June low at 76.74 has so far been overcome with the late July low at 77.94 representing the next upside target.
Despite the current bounce, the oil price is set for a weekly loss.
Gold price recovers and advances towards record high
The price of spot gold is recovering from Thursday’s sharp sell-off to $2,471.00 per troy ounce and has the $2,500.00 mark in its sights, together with the 16 August high at $2,509.00. This short-term bullish scenario will remain in play as long as the August uptrend line at $2,479.00 and Thursday’s low at $2,471.00 underpin.
Should this not be the case, the May peak at $2,450.00 may be revisited.
Rally in US natural gas prices stalls at resistance
US natural gas front-month futures once again struggled with the 200-day simple moving average (SMA) at $2.313 after likely forming another minor peak at $2.379 on Tuesday. As long as this level caps, the medium-term descent remains intact.
Below Thursday’s low at 2.153 beckons the 2.045 mid-July low and the psychological $2.000 level.
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