Gold price rallies while Brent crude price drops back sharply and natural gas price hovers at recent lows
While gold prices are surging, oil prices have fallen back rapidly. Natural gas continues to consolidate around its recent low.
Gold at three-week high
The price has broken higher over the past three sessions, moving above trendline resistance from the late December high and back above the 50-day simple moving average (SMA). Short-term resistance could be found around $2060, where gains stalled earlier in January. Above this the price then targets the late December highs above $2080. A close back below $2030 might suggest the bounce has reversed.
Brent crude heads sharply lower
Brent has undergone a sharp reversal over the past week that has taken it below trendline support from early December. This break of trendline support could spark a more bearish view that takes the price on towards the early January lows around $75, and then to the December low at $72.60. Buyers will want to see a recovery back above $80 to suggest that a rebound is in progress.
Natural Gas stuck around 2060
The price has found a floor for now around 2060. However, the overall bearish view remains intact. A short-term rebound could see the price recoup some losses and head back towards 2400. However, this would still create a lower high and leave the bearish view intact. More losses take the price on towards the 2020 lows around 1650.
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