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WTI stabilizes above 1-month low while gold price hits record high and natural gas slips

​​​The oil price tries to stabilize above Tuesday’s 1-month low as the gold price trades in record highs while aiming for the $2,500 mark as natural gas prices continue their descent.

Oil Source: Adobe images

​​​WTI tries to hold above Tuesday’s 1-month low

​The WTI crude oil front month futures price dropped to a 1-month low at 79.40 on Tuesday as weaker growth in the world’s largest consumer China led to demand concerns. This low was made marginally above the 55- and 200-day simple moving averages (SMA) at 79.40 and 78.46 which may act as support, were 79.40 to give way.

​While the oil price remains above Tuesday’s 79.40 low, last week’s low at 80.25 is expected to be revisited and perhaps also the 80.47 May peak. If overcome on a daily chart closing basis, another medium-term up leg could be formed.

WTI crude oil chart Source: IT-Finance.com
WTI crude oil chart Source: IT-Finance.com

​Gold price trades in all-time highs

​The spot gold price is on track for its third consecutive day of gains and has so far risen to a record high at $2,482 per troy ounce, above which beckons the $2,500 mark. Since this level is a round number, the gold price may stall around it, though.

​Slips should find support around the previous May record high at $2,450 with further support sitting at the $2,431 April high.

Spot gold chart Source: IT-Finance.com
Spot gold chart Source: IT-Finance.com

​Natural gas

​Front month natural gas futures continue their descent and are seen heading towards the 2.058 March high, below which the February-to-July uptrend line can be spotted at 2,040.

​Minor resistance can be found at the 8 July low at 2,313.5.

Natural gas chart Source: IT-Finance.com
Natural gas chart Source: IT-Finance.com

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