Gold drop slows while crude oil price recovers and natural gas prices rise
Gold drop slows while crude oil price recovers and natural gas prices rise following US presidential election result.
Gold price tries to stem decline
The spot gold price’s around 3% drop following Donald Trump’s election as the 47th president of the US as safe haven trades were unwound, took it to a three week low at $2,644.00 per troy ounce before buyers began to step in. While the next lower $2,605.00 early October low underpins, the medium-term uptrend stays intact.
Resistance is now seen along the breached August-to-November uptrend line at $2,694.00 which, because of inverse polarity, should now act as resistance, together with the $2,685.00 late September high.
Crude oil price regains losses
Wednesday’s sharp 3% drop in the WTI front month crude oil futures price to 69.54 following Donald Trump’s US presidential election victory has been followed by a significant recovery to above its 55-day simple moving average (SMA) at 70.94.
A rise above this week’s 72.42 high would put the 24 September and October highs at 72.29-to-72.30 on the map. If bettered, a rise towards the July-to-November downtrend line at 75.92 should unfold.
Below 69.54 lies minor support at the 18 October 68.22 low.
US natural gas prices are side-lined
The recovery from Monday’s 2.665 low, made marginally above the October low at 2.636, is ongoing with US natural gas prices treading water at present. For another upside thrust to unfold, a rise above Tuesday’s high at 2.903 would need to be seen. If so, the 20 June high at 3.016 would be back in play. Further up lie the early to late October highs at 3.081-to-3.141.
Potential slips may find support near Wednesday’s low at 2.756 ahead of the more significant 2.665-to-2.636 support zone.
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