Gold price, Brent crude price consolidate, while natural gas price falters
Gold and oil continue to consolidate after their recent gains, while natural gas’ bounce has run out of momentum.
Gold continues to consolidate
Last week saw the price shoot higher on Wednesday before reversing on Thursday and Friday. In the short-term, the $2150 area provided support throughout March so far, so a close below this opens the way to the previous high at $2121. A break back above $2200 opens the way to further short-term upside.
Brent edges higher
The price continues to consolidate after rallying sharply in mid-March. Losses have slowed after the pullback in the second half of last week, and a close above $87 will help mark a fresh bullish development, and target $89 and higher. In the near-term the 200-day simple moving average(SMA) may provide some support.
Natural Gas drifts sideways
The breakout last week has fizzled out, and the price has headed back towards trendline support. A break of this line to the downside would mark a bearish development and open the way to the February lows around 1600. If support holds then the price will target last week’s highs at 1880, before moving on to the 50-day SMA and then the March high at 2060.
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