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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​Gold price higher but WTI crude price and natural gas price both under pressure​

​​Gold continues to benefit from a weakening US dollar, but both WTI and natural gas are still falling.

Gold Source: Adobe images

​​​Gold pushes higher

​The price has continued to rally, moving to its highest level in two months on Friday.

​The breakout from late June remains in place, helped by a softer US dollar as hopes of a US rate cut in September rise once more following Friday’s payrolls data.

​​Further gains continue to target the May record high at $2,450, and for the moment the bullish view remains in place. It would need a close back below the 50-day simple moving average (SMA), currently $2,341, to dent this view.

Spot Gold chart Source: ProRealTime
Spot Gold chart Source: ProRealTime

​WTI falls back

​The latest rally in oil has come unstuck it seems, with the price dropping back towards $82.00 in early trading this morning.

​​For the moment, the price has appeared to have reached a high just below $84.00. Further weakness heads towards support at $80.50, and then below this the 100-day SMA at $80.23.

​A close back above $84.00 is needed to revive the move higher in the short-term.

WTI Oil chart Source: ProRealTime
WTI Oil chart Source: ProRealTime

​Natural Gas at two-month low

​Friday saw the price lose more ground, falling to its lowest level since 9 May.

​At present the pullback shows no sign of ending. We have yet to see a close above the previous day’s high, which might indicate a low is in place.

​The 23 April high at 2130 is the next target, followed up by possible support at 2060.

Natural Gas chart Source: ProRealTime
Natural Gas chart Source: ProRealTime

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