Gold price drifts down, while WTI crude price and natural gas price move higher
Commodities recovered overnight, as natural gas prices rallied to their highest level since February, while oil prices surged off Tuesday’s low. Meanwhile, the gold price drifts downwards.
Gold struggles to hold its ground
Gold prices found buyers yesterday as it dipped below $2300, briefly hitting a three-week low.
Early trading this morning has seen a cautiously-positive start, and further gains above $2350 may suggest that a low is in place.
Sellers will look for a reversal back below $2300 in order to open the door towards the 50-day simple moving average (SMA).
WTI forms a higher low?
Oil prices staged an impressive bounce off the 50-day SMA on Tuesday, having spent the previous three sessions forming a short-term low above $81.
A higher low looks to be in place for the time being, which then opens the way back to the peak from early April above $87.
A fresh bearish view would require a reversal back to $81, and then a close below the lows of last week.
Natural Gas rallies to three-month high
Natural gas has finally enjoyed a strong rally over the week so far, moving above 2000 at last and returning to the 100-day SMA for the first time since the beginning of the year.
Of course, all this merely results in a substantially lower high relative to January, though the move above the February high at 2068 does help to bolster a short-term bullish view. The 2200 low from December becomes the next target.
Meanwhile, sellers will be looking for a reversal back below the February high to suggest that a new leg lower has begun.
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