Gold price, WTI crude price and natural gas price enjoy strong gains
Commodity prices have made solid headway over the past week, and are in strong form as the final session of the week gets underway.
Gold storms through $2300
The price lurched higher on Thursday, providing further evidence that a bottoming process is in place.
It has taken around three weeks, but the pullback from the mid-April highs appears to have been halted around $2295, with buyers having stepped in last week around $2280.
Thursday’s gains put the price back on an upward footing and suggest another test of the $2400 highs.
WTI heading higher
After Wednesday’s big recovery off the lows and back above the 100-day simple moving average (SMA), Thursday saw further gains that once again provide hope that a low is in place.
Further gains above the 200-day SMA and $80 would reinforce this view, and open the way to trendline resistance from the April highs. This stalled the gains of late April, and led to a fresh leg lower, so a close above trendline resistance would be a positive development.
A reversal back below $77 would be needed to hint that the current rally is at an end.
Natural Gas keeps on rallying
Natural gas’ huge gains continue, as the price breezes through 2300 and heads on towards the 200-day SMA.
The downtrend of November – March seems to have come to an end. Even a drop back to 2100 would leave rising trendline support from late March intact.
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