Gold and natural gas rise but oil prices stumble
Gold is trying to hold the 200-day MA for a second day, while oil prices have fallen back from their highs for the week and natural gas gains for another day.
Gold rallies off 200-day MA
Gold tested the 200-day SMA for a second day, though a close below this level continues to elude the sellers. Further downside targets the August low around $1890, with the bearish view intensifying if the price closes lower from there.
The lower high seen at the end of last week will continue to give sellers confidence that a more bearish view is emerging. A rally back above $1950 is needed to reverse this view and indicate another attempt to move towards $1985 and higher is in play.
Brent weakens but still in uptrend
Oil’s rise has continued this week, and despite some losses on Thursday the bulls remain in charge. Should we see a close back below the $87.20 level then a more substantial pullback may emerge.
This might then see the price head back towards the 50-day SMA. Should the price hold above $87.85 then the short-term bullish view is intact and the price may then begin to make further gains towards the November high around $98.
Natural Gas moves higher
The price has stabilised after a run of losses over the past week, leaving the uptrend intact. Having created higher lows in August and held above the 100-day SMA, the price maintains its short-term bullish outlook.
Admittedly the lower high of late August dents the bullish impression, so we will need a close above 2910 to help bolster the case for further upside. In this case the August high at 3048 comes into view. In the event of a pullback below the 100-day then the 2500 lows of July and early August could be tested as support.
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