Gold and natural gas prices head lower but WTI crude price holds steady
Early trading has seen more losses for gold and natural gas, but WTI crude oil has started the week on the front foot.
Gold struggles below $2650.00
The spot gold rally from the November lows has come under further pressure.
After slumping dramatically last week, the price then spent the next four sessions recovering some losses. But early trading today has seen the sellers reassert control. Last week saw the slump halt around $2604.00. If the price breaks this then the November lows come into play.
The broader uptrend is still in place however, and the $2500.00 level may be a short-term target.
WTI stabilises above $68.00
The West Texas Intermediate (WTI) crude oil pullback from the late November high has paused, as buyers defend the $68.00 level. A higher close today might suggest that a new attempt to head back to $72.00 could be on the way.
A close back below $68.00 puts the $66.70 level into view once more and would revive the downtrend.
Natural gas heads lower
After surging to a one-year high at 3600, the natural gas price has fallen back once more.
However, the long-term uptrend remains intact. Recent weakness found support around the rising 50-day simple moving average (SMA), and it would take a move below 2600 to suggest that a bearish medium-term outlook is starting to prevail. In the short-term, a recovery above 3200 might suggest that a short-term low has formed.
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