Gold surges, while oil prices recover following recent losses
Gold surged to a fresh high for the year after the Fed meeting, while oil prices have rebounded from the lows seen on Wednesday.
Gold falls back after hitting fresh high
The price finds itself at a fresh high in the wake of the Fed meeting. After consolidating since mid-April, the price has surged, hitting a new higher high. This leaves the uptrend firmly intact, and would argue for additional upside, especially with the daily MACD turning higher once again. A move back below the mid-April lows around $1970 would be needed to suggest that a more bearish view prevails.
WTI revives after steep drop
Crude prices have dropped precipitately over the past week, but for now have rebounded from below $65.Elevated volatility means that we could see some wild swings for the time being, though the overall bearish view is still in place. It would need a move back above $75 to suggest another push towards the 200-day could be in prospect.
Natural Gas drifts sideways
While the price attempted to bounce last week to 2500, it has since fallen back, continuing the consolidation witnessed over the past two months. However, the daily MACD appears to be rolling over once again, and this could result in another push to fresh lows for the year. Lower highs since February continue to point towards an expectation of further downside.
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