Gold price, Brent crude price and natural gas price all make gains
Commodity prices are advancing, with natural gas recovering from recent weakness, Brent hitting a fresh seven-month high, and gold reaching yet another record.
Gold keeps on surging
The price has made new record highs, continuing an astonishing rally that has seen the commodity gain 15% since mid-February. Short-term trendline support from mid-March could come into play towards $2180, while below this comes the $2150 horizontal zone of support. $2300 is the next major target to watch.
Brent at new 2024 high
Oil prices have pushed higher, with Brent reaching its highest level since October, returning to resistance at $89. The past month has seen a strong bounce that has taken the price from $81, back above the 200-day simple moving average (SMA) and building on the uptrend from the December lows. Fears of fresh conflict in the Middle East, chiefly between Israel and Iran, have driven the gains, after gains in March due to Ukrainian attacks on Russian oil infrastructure. Additional gains target the $92.75 high from mid-October 2023. For the time being, trendline support from the March low underpins.
Natural Gas rallies
Natural gas has shot higher, after drifting lower at the end of March and briefly breaking below trendline support. The move has put the price back above the 50-day SMA, and further upside would head back to the early March highs. The price found support around 1720, as it did earlier in March, so a deeper pullback requires a close below this level.
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