Gold, oil and natural gas prices drop back
Gold and oil saw huge gains last week but have edged lower in early trading, while natural gas prices have moved back from their recent highs.

Gold struggles around trendline resistance
Gold prices enjoyed their best week since March last week, as the outbreak of conflict prompted a huge surge in the price. Friday’s surge took the price back to the 200-day simple moving average (SMA),and may well have negated the bearish outlook that seemed to be in place last week. The price has closed above trendline resistance from the late July highs helping to bolster a bullish view. Additional gains target $1948.50 and then $1953. A reversal back below $1915 and a close below trendline resistance would suggest a fresh move lower.

WTI consolidates after Friday gains
Oil prices took off on Friday, rallying back above the 50-day SMA. The week saw heightened volatility, with the price gapping higher and then retreating, before Friday’s surge. Continued price action above $85 would seem to suggest that a low is in place and that further upside towards $89 and then on towards $93. Sellers would need a reversal back below $84 to suggest that a new attempt to break last week’s lows around $81 is possible.

Natural Gas edges lower after rally
Gas prices had rallied in the opening weeks of October, but dropped back in the second half of last week. The price pulled away from trendline support in late September, and with the 50-day SMA now above the 200-day SMA and rising a more bullish view appears to prevail. In the short-term the current pullback could head towards 2050. A rally back above 3500 suggests that the buyers have reasserted control.

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Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.