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Gold, WTI crude oil and natural gas prices all fall in early trading
Gold has headed lower in early trading, as has crude oil, while natural gas continues its drift lower.
Gold resumes its short-term fall
Gold prices have resumed their decline, after a recovery yesterday, risking a continued pullback towards the rising 50-day simple moving average (SMA).
$3200 and then $3160 are potential downside targets in the event of a continued pullback, though this would leave the uptrend intact. A recovery back above $3365 would mark a renewed push back to the recent highs.
Spot gold daily chart
WTI under pressure
While WTI crude oil prices rebounded yesterday, they have yet to recover all the losses from Wednesday.
A lower high remains a possibility here, and a lower close today would bolster the bearish view, targeting $60, and then $55 in the event of a deeper pullback. A close back above $65 would be needed to avert the lower high thesis.
WTI crude oil daily chart
Natural gas back to January lows
The slump in natural gas prices goes on, matching the weak seasonality often seen in April and May.
Despite a rally off the lows yesterday, the price remains under pressure, with no sign of a continued rebound in early trading this morning. January’s low of 3000 was tested yesterday, and a higher close today or early next week might suggest that a short-term low could form.
A close below 3000 would then see the mid-December low at 2930 tested.
Natural gas daily chart
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