Gold price hits fresh highs, while oil price consolidates and natural gas price drops back
Gold’s huge bounce continues, while oil prices have halted after recent strong gains. Meanwhile, natural gas is under pressure once more.
Gold keeps on hitting highs
A new record high for the price has been seen in early trading, with $2400 now in sight. The price has remained firmly within an ascending channel over the past three weeks. The bullish view remains in place while the channel remains unbroken. In the short-term, a close below $2320 would mark a bearish development.
WTI edges lower
Short-term trendline resistance from the late March high continues to hold back progress here, though it looks more like consolidation rather than the beginning of a pullback. A close below $84 would put further pressure on the price, and would then target $83.20, and then down towards $81. A close above $86 would break trendline resistance, and suggest that a new leg higher has begun.
Natural Gas bounce stalls again
Hopes of further upside in natural gas have been dashed once again, after a retreat from the 2000 level. Short-term weakness targets last week’s lows at 1840, and then down to the March low around 1720. A recovery today could see a higher low established, and then a close above 2000 could mark a bullish development.
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