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Gold price holds support and WTI crude price drops further, while natural gas price manages a brief recovery

Gold continues to avoid a bigger move lower, but WTI is now below $60.00. Natural gas has managed to bounce from its recent low.

Gold Source: Adobe images

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

​​​Gold still holds key support 

Spot gold continues to hold $3300.00 – Tuesday’s session saw the price hold this as the low, raising hopes of a follow-on day today, but so far that has not materialised. 

​Nevertheless, the buyers continue to hold off any deeper selloff for the time being, giving room for a new push to the upside towards $3500.00. A close back below last week’s lows of $3250.00 would be needed to indicate a short-term pullback is back underway.

Spot gold chart

Spot gold chart Source: IG

​WTI drops below $60

​Oil prices declined sharply for a second successive day yesterday, with the selloff gathering pace into the afternoon.  

​WTI crude oil slipped below $60.00 late in the day, and is under fresh pressure this morning. Sellers may continue to pile in, driving the price down in early trading. Continued losses head towards the $56.00 lows from early April.

WTI chart

WTI crude oil chart Source: IG

​Natural gas rebounds

​A short-term recovery continues for natural gas from its oversold condition. 

​Having bounced from 3000, the price has also managed to move back above 3400, a key area of both support and resistance in the last month. From here it can target the 14 April high at 3699.

​Sellers will be looking for a resumption of the downward move, and a reversal back below 3300 would perhaps signal that a new leg lower has begun.

Natural gas chart

Natural gas chart Source: IG

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