Gold price and Brent crude price weaken but natural gas price pushes higher
Friday’s highs for gold and oil were followed up by a wave of selling, which has continued today. However, natural gas prices are moving higher.
Selling pressure begins to tell on gold
Gold’s rally finally suffered a substantial check, as the price surged to yet another fresh high on Friday before slumping. A close below $2320 could signal that we are about to see a more substantial pullback, perhaps towards $2200, or even the 50-day simple moving average (SMA). Bullish momentum has been given a knock, but a close back above $2380 might signal the start of a renewed move higher.
Brent weakens after Friday rebuff
Oil prices rallied sharply on Friday, but then hit a wall of selling. So far the move has continued in early trading today. Recent weakness since the beginning of April has found support at $88.50, so a close below this level would mark a short-term bearish development. This could then open the way towards the March peak at $87. Trendline support from early March is about to come into play, which may prevent any further downside. Bulls will want to see a close back above $90 to suggest that recent weakness has run its course.
Natural Gas makes gains
The choppy move higher continues here. The price had come under pressure over the second half of last week, but Friday’s session saw a recovery, forming a possible higher low. Initial gains this morning have helped to support a bullish short-term view, and now a close above 2000 would help to reinforce that outlook. Beyond this lies 2070, while a longer-term view targets the declining 100-day SMA. A close back below 1900 and below trendline support from late March would bolster the bearish view.
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