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Gold price, WTI crude price and natural gas price make gains

Commodity prices continue to move higher, with gold back at its recent highs and WTI and natural gas rallying.

Gold Source: Adobe images

Gold back to recent highs

The spot gold price shook off the post-Federal Reserve (Fed) weakness and rallied once more on Thursday, moving back to its previous highs overnight.

The buyers remain firmly in charge on a daily timeframe, and the current outlook points towards further gains over the medium term. Sellers will need a close back below $2550.00 to suggest that at least a short-term pullback to the 50-day simple moving average (SMA) is underway.

Gold daily chart Source: ProRealTime
Gold daily chart Source: ProRealTime

WTI’s counter-trend bounce goes on

WTI crude oil prices continue their rebound from the low two weeks ago, though with the 50-day SMA still heading firmly lower the short-term downtrend is still intact.

The modest rebound has a long way to go to avoid creating another lower high, with the late August high still some distance away at $77.10. Any turn lower below this could revive the bearish outlook and lead to another leg lower.

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

Natural gas pushes higher again

The ​natural gas rally continues here, with the price bouncing off Thursday’s low to avert any short-term downward move.

A close above the 2633.00 highs from Tuesday would mark a new bullish development, and mark a fresh milestone in the recovery from the August lows.

Sellers will need to push the price back below 2400.00 to suggest a new turn lower is at hand.

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

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