Gold price hits two-week high, WTI crude price gains and natural gas price rockets to one-year high
Commodity prices have had a better week, with gold and natural gas leading the gains.
Rebound continues for gold
The spot gold price has continued its impressive surge and is back above the late September highs.
The uptrend has been restored, and further gains target the late October highs. We have witnessed a classic pullback in a rising trend, and it would now need a sharp move back below $2650.00 to indicate some short-term weakness.
Strong week for oil prices
WTI crude oil prices have also seen further gains, continuing the rebound to the $72.00 level.
All eyes will be on $72.00; a close above this helps to break resistance from late October and earlier in November. Beyond this the price would target $76.00. A turn lower below $72.00 brings $67.00 support into view.
Natural gas soars to one-year highs
The natural gas price has leapt higher over the past week, after breaking out above its early October highs.
So far momentum remains strong to the upside, indicating little sign of a reversal, but with the price so overstretched some short-term consolidation cannot be ruled out. Last November’s highs have been reached, which may provide some short-term resistance. A pullback could possibly target the 3200 highs from June.
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