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​​​​Gold falters but Brent crude and natural gas prices make headway

While gold has suffered losses thanks to a stronger dollar, both oil and natural gas prices are moving higher.

Brent crude oil Source: Bloomberg

​​​Gold pushed down by rising US dollar

​Gold’s rally has stalled since late-December, hit by a strengthening US dollar.

​​The pullback from the late-December high continues, and now the 50-day simple moving average (SMA) is coming into view as possible support once more. Thursday saw the price slip below the mid-December high of $2048, and this might catalyse fresh selling pressure.

Bulls will need a close back above $2065 to indicate that the pullback of the past week has run its course.

Spot Gold Daily Source: ProRealTime
Spot Gold Daily Source: ProRealTime

​Brent off the recent lows

​The price staged an impressive rally from a three-week low on Tuesday, moving back above $76 as signs of fresh attacks in the Red Sea raised fears of more disruption to global shipping.

​The bounce continued in more muted fashion on Thursday, though the price was unable to hold on to all its gains, and a more indecisive tone prevailed. Nonetheless, a test of the declining 50-day SMA seems likely, and then the December high around $81 comes into view.

​A reversal back below $76 sees the price challenge this week’s low, and then below this, the December low at $72.52 comes into play.

Brent Crude Daily Source: ProRealTime
Brent Crude Daily Source: ProRealTime

​Natural Gas moves above 200-day MA

​Natural gas has enjoyed a solid performance over the past month, rallying off its six-and-a-half month low and climbing back above the 200-day SMA.

​After the huge declines since the end of October, a lower high is still a major risk here, and the price might yet reverse course below the 50-day SMA.

​A break below 2540 would see the price back below trendline support from the December lows and revive the short-term bearish view.

Natural Gas Daily Source: ProRealTime
Natural Gas Daily Source: ProRealTime

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