Gold price edges down, while WTI crude price pauses and natural gas price moves higher
While gold is attempting to form a low again, the selling in oil prices appears to have stopped for now. Meanwhile, natural gas prices continue in their uptrend.
Gold stabilises for now
The price gained on Wednesday but struggled afresh on Thursday, though it finished off the lows.
A close above $2350 could mark the formation of a higher low, and put the price on course to target $2400 and higher.
It would need a close back below Wednesday’s low at $2282 and below trendline support from late February to open the way to further downside.
WTI at six-week low
Oil prices have continued to endure heavy losses, and Thursday’s session saw them fall to their lowest level since 13 May.
Thursday saw the price open below the 200-day simple moving average (SMA) for the first time since 12 May. It may form a higher low, though a close above $80 and above the 200-day SMA would be needed for this.
The February lows around $75.85 are the next target in the event of further downside.
Natural Gas uptrend intact
The price has continued to hold above trendline support, and is now pushing back above the 100-day SMA.
A close above Tuesday’s 2155 high would mark a breakout to the upside, leading on to the January highs just below 2400.
Trendline support has prevented any further downside for the time being, and so a close below 1980 would be needed to indicate that a break lower has begun.
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