Gold, oil and natural gas mostly quiet in early trading
Gold is little-changed in early trading, while oil prices have fallen back from Friday’s highs. Natural Gas remains under some pressure.
Gold at three-month high
Gold’s astonishing bounce finally hit some selling last week, as it neared $2000. For the moment the buyers remain firmly in control. The price closed below the summer highs around $1980, but a drop back below $1950 would be needed to signal that a bigger short-term consolidation could be underway. Further gains above $1983 would point towards another push towards the important $2000 level.
WTI stumbles but uptrend intact
Oil’s gains continued on Friday, after a week in which the price moved back above the 50-day SMA. This puts the price on course for the highs of September around $94, with the price having created a higher low at the beginning of the month around $82. The bullish view is back in place after the recent gains, and it would need a drop back below $84 to suggest that another test of the October lows is in the offing.
Natural Gas pullback goes on
Short-term weakness continues to prevail here, as the price drops back from its recent high. In the near-term further declines may target trendline support from the late August low. Below this the 50-day SMA. However, this would still create a higher low. Overall the bullish view remains in place unless the price drops back below the 2780 zone seen in late September.
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