Gold price, Brent crude price and natural gas price rise in early trading
Commodity prices have gained in early trading, recovering from the lows seen earlier in the week.
Gold up as price recovers from late April weakness
The price has pushed higher in early trading, reinforcing the view that a higher low has been formed.
Additional gains would head towards the $2400 highs from the middle of April, and then on to $2425.
For the moment, $2300 appears to have been established as a higher low, so a close back below this level would be needed to open the way to the 50-day simple moving average (SMA).
WTI higher for a second day
After bouncing off the 50-day SMA earlier in the week the price has continued to push higher, with further gains in early trading this morning.
A higher low appears to have formed, and now the price is testing trendline resistance from the early April high. A breakout above this would target $85.72, last Friday’s high, and then on to $87, the highs from the beginning of April.
A reversal back below $82 might result in a test of the 50-day SMA and last week’s low.
Natural Gas gains continue
Despite a sudden drop on Wednesday the price has maintained the move higher from the beginning of April.
Trendline support from the end of March continues to underpin the price action, and continued gains will target the 100-day SMA and the highs from the beginning of the week at 2130.
Sellers will want to see a close below Thursday’s low and below trendline support to mark a more bearish development.
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