Gold weakens while oil prices hold support and natural gas surges to new high
Both gold and natural gas have eased back after recent gains, while the selling in crude oil has paused for now.

Gold retreats from highs
The pullback from the recent highs goes on, though some buying pressure has appeared in early trading today. Additional declines would target the $1956 area, and then down to the 200-day SMA as a potential area of support. In the short-term, a close back above $2000 signals a renewed move higher towards the May highs.

WTI fights to hold support
Oil’s pullback has found support at the 100-day SMA for a second day, limiting the downside for now. Bulls still need a move back above $83.40, which would then allow the price to look towards a test of the 50-day SMA. A close below the 100-day SMA and below $80 would strengthen the bearish view and open the way to the 200-day SMA.

Natural Gas surges
The price surged yesterday to a new higher high, handing the initiative to the bulls once more. While it has edged lower this morning, the bullish outlook is firmly back in play. A close back below 3300 would be needed to negate this outlook in the near-term.

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