Gold price, oil price and natural gas price all drop back in early trading
Early trading on Monday has seen fresh weakness for commodity prices, particularly for gold and oil, where an easing of geopolitical tensions has led to some selling.
Rounded top forming for gold?
The price is under pressure this morning, with a top likely in place for the time being.
Last week saw the index continue its attempts to break above $2400, but these ran out of steam, and the result has been some early losses for gold this morning as geopolitical tensions ease.
However a full-blown pullback has yet to materialise, and we may yet see buyers appear around $2330, where some support was found in the first half of the month.
WTI returns to 50-day moving average
After Friday’s volatility, the price has fallen further in early trading on Monday.
The price has now returned to the 50-day simple moving average (SMA), having unwound almost all the gains made since the end of March. This saw some support develop around $80.40, which may help to stem the losses for the time being.
Additional downside would target the 200-day SMA, while a close back above $82 might indicate that a low has been formed for the time being.
Natural Gas drops back
The price made headway at the end of last week, but has encountered some selling so far on Monday morning.
Additional gains continue to target 2000, and then 2068, before moving on to the 100-day SMA at 2130.
A more neutral view prevails while the price is above the 50-day SMA; a close back below 1840 and the 50-day SMA might suggest a fresh bout of weakness is at hand.
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