Gold and natural gas struggle while oil prices edge higher
Commodity prices are mostly quiet in early trading, but oil prices have edged higher.

Gold prices hold steady
The price continued to push higher on Friday, defeating expectations of a fresh downturn after Wednesday’s recovery. This now puts the price on course to head back towards $2000 and higher, averting a short-term pullback scenario for the time being. A close below $1960 would be a necessary catalyst for a short-term bearish view.

WTI fights to move higher
Friday witnessed a reversal, pushing back the price below the 100-day SAM and potentially marking a renewed downward move towards the 200-day SMA. The close below the early October low hands the initiative to the sellers, reinforcing the bearish view created by the lower high in mid-October. Buyers will need a close back above $84 to suggest that a short-term low is in place. This will then challenge trendline resistance from the late September high.

Natural Gas drops back
Gains on Thursday failed to carry through into Friday, with the price faltering below the highs of earlier in the week. A move back above 3600 helps to restore a short-term bullish view, and puts the price on course to target a higher high. Trendline support from the August low comes into play down towards 3200.

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