Gold and oil prices volatile after Middle East news, while natural gas price moves higher for a fourth day
News of a possible Israeli counter-strike against Iran lifted oil and gold prices before both rapidly retreated, while natural gas is continuing to edge higher.
Gold knocked back from $2400 again
Gold prices once again attempted to clear $2400, but ran into selling pressure for the second time. This pause to upward progress might signal that some short-term weakness is at hand, though there is at present little sign of any renewed downside. Buyers need a a close above $2400 to open the way to additional upside.
Brent spikes on Middle East tensions
Oil prices had been under firm pressure in the previous two days, but spiked higher on news of a possible Israeli strike in Iran. The limited nature of the strike, and the muted Iranian response, meant that the price could not sustain gains, and the price fell back from its highs. However, if the $86 low can hold from Thursday then a short-term move higher may develop, particularly if tensons in the Middle East continue to rise.
Natural Gas moves higher
Natural gas prices have edged higher over the past four sessions, rallying off the 50-day SMA. Further gains would target the $2000 level, and then on the 100-day SMA at $2138. A more bearish view would require a close back below the 50-day SMA.
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