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​​​Gold price and natural gas price decline, while WTI crude’s rally hits a wall

Gold and natural gas continue to ease back from recent highs, while oil’s geopolitics-driven surge has stalled for now.

Gold trading Source: Adobe images

​​​Gold drops back

​The spot gold price has drifted back towards the previous highs around $2600.00, in the first real move lower in over a month.

​This is more of a gentle decline at present than a full-blown pullback, since the previous highs are yet to be tested. Further declines head towards the $2531.00 level.

​In the short-term, a revival back above $2650.00 hands the initiative to the buyers once more.

Spot gold chart Source: ProRealTime
Spot gold chart Source: ProRealTime

​WTI bounce stalls for now

​Having surged on Monday to the 200-day simple moving average (SMA), the WTI crude oil price reversed course on Tuesday, giving back the gains from the first day of the week.

​Given the lack of news from the Middle East, it was not surprising to see some downside volatility appear, but the price remains above the 50-day SMA, and firmly higher from two weeks ago.

​A new push to the 200-day SMA may begin, or alternately, if sellers can renew the push lower, a close below $72.00 and the late September high might suggest that a new leg lower has begun.

WTI crude oil chart Source: ProRealTime
WTI crude oil chart Source: ProRealTime

​Natural gas edges down

​A gentle decline here over the past three sessions has taken the natural gas price towards trendline support from the late August low.

​The very strong move higher remains in place, and a rebound off the trendline would target last week’s highs. A close back below trendline support raises the prospect that the price moves towards the mid-September highs at 2620.

Natural gas chart Source: ProRealTime
Natural gas chart Source: ProRealTime

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