Gold price makes gains, while Brent crude price drops for a second day and natural gas continues to struggle
While gold is up in early trading, Brent crude is under pressure and natural gas prices are struggling.
Gold moves higher
The price continues to edge higher, after finding support in March around $2150. It remains below the post-FOMC high from last week, but for the moment the buyers are in control. Further gains target $2200 and higher, while a close below $2150 is needed to open the way to additional downside in the short term.
Brent heads back to last week’s low
Oil prices look at risk of heading lower towards the 200-day simple moving average (SMA). The lows of last week around $84.60 may come under pressure today. A close below this could signal a more substantial pullback is at hand. This would leave the post-December move higher intact, though trendline support from the December low is still some distance away, currently around $81.50.
Natural Gas tests trendline support
The price has returned to trendline support from the February low, as the breakout of last week fizzles out. A close below trendline support could open the way to the mid-March low at 1724, and then down to the February low at 1600. Bulls will want to see a close higher and then above last week’s 1885 high to provide hope of further upside.
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