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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​​​​Gold price, WTI crude price and natural gas price all come under pressure

​​Commodity prices have been hit by a stronger dollar and rising yields, potentially negating the higher lows seen recently in gold and WTI. ​

Oil pump image Source: Getty Images

Gold drops sharply

​The bullish short-term view here looks to have been negated by the sharp drop on Tuesday.

​This has seen the price drop below last week’s low, and also below trendline support from mid-March. This seems to hand the initiative to the sellers, and might see the price head back to the 50-day simple moving average (SMA).

​A stronger dollar in the wake of the FOMC would likely reinforce this bearish outlook.

Gold Daily Chart Source: ProRealTime
Gold Daily Chart Source: ProRealTime

​WTI back at April lows

​Oil prices continued their retreat on Tuesday. WTI saw a drop back to the $81 level that marked the lows of last week.

​​This cancels out the developing higher low from a week ago, and the retreat from trendline resistance seen on Friday bolsters the negative view in the short-term.

​Further declines would target the 200-day SMA, and then on towards $78, last seen in early March.

WTI Daily Chart Source: ProRealTime
WTI Daily Chart Source: ProRealTime

​Natural Gas heads lower

​While the price has yet to display the bearish characteristics seen in gold and WTI, the retreat on Tuesday does cancel out the bullish view in the short-term.

​The price may now test rising trendline support from late May. This held in mid- and late-April, so a close below this line would be a notable development.

​This would then target the 50-day SMA and the lows of mid-April around 1850. A revival above 210 0 is needed to bolster the bullish view.

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

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