Gold price steady, while WTI crude price and natural gas price rises
While gold’s bounce has stalled, both oil and natural gas have moved higher.
Gold holds steady
The spot gold price managed to recover from its lows yesterday, but the momentum has not carried through into the new session.
Gold has managed to avoid a push back towards recent lows, but two attempts to break higher above $2720.00 have run out of steam. A close above this level could open the way to the record highs once more. Meanwhile further losses target $2600.00 and then $2550.00.
WTI avoids further losses
WTI oil prices looked like they were on the cusp of another big down day on Tuesday, but buyers defended the lows.
Some small gains overnight have helped to stall further losses, which might lead to a fresh attempt to break higher. Recent gains have stalled in the zone around $70.00 - $72.00, so a close above this would mark a new bullish development. A resumption of losses targets the $67.00 lows.
Natural gas pushes higher
Last week’s natural gas rally ran out of steam, but bulls have once again defended the 3000 level.
This puts the price on course to attempt a new sustained break higher, to 3400 and then on to 3600. A close below 3000 is needed to suggest that a deeper pullback is at hand.
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