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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 hits another high, while WTI crude price rebounds and natural gas price falls further​

Early trading has seen yet another new high for gold, while oil prices have recouped some of Friday’s losses. Natural gas prices continue to fall, however.

Gold Source: Adobe images

​​​Gold sparkles at new high

​The spot gold rally shows no sign of slowing, reaching a fresh record high in early trading.

​The recent dip in early October worked out well for bulls, who have seen a fresh leg higher in this strong trend. While overstretched from the 50-day simple moving average (SMA), the overall trend is still in place. A close below $2685.00, the September high, might trigger some short-term weakness.

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

​WTI edges higher

​Friday’s session saw the hopes of a higher low dashed for the time being. The WTI crude oil price dropped below trendline support, and remains below it in early trading this morning.

​A recovery back above $70.00 might breathe new life into the rally from the September lows. A failure to break back above trendline support puts the recent lows into view once more.

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

​Natural gas falls further

​The pullback continues here, with Friday having seen further losses.

​While the natural gas price remains oversold on daily stochastics, price action has yet to suggest that a higher low has formed, though with the 50-day SMA still rising one is a distinct possibility.

​This would require a move back above 2700, while a close below the 50-day SMA amplifies the short-term negative outlook.

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

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