Gold at new high, while both WTI crude price and natural gas price come under pressure
Gold has seen a fresh surge, but energy prices are struggling once more.
Gold soars to new highs
The spot gold price continues to defy any expectation of a turn lower and has instead surged to new highs.
It saw some consolidation earlier in the week after last week’s move to a record just below $3250.00 but shows no sign of reversing course. The uptrend remains intact, but after such strong gains in the space of two weeks some consolidation might not be surprising.
WTI under pressure
Gains stalled below $62.00 over the past two weeks, and the WTI crude oil price is heading lower in early trading.
This could mark the start of a new drop back towards the recent lows at $56.00. Buyers would need a close above $62.00 to avert this short-term bearish view, though the post-January downtrend is still intact.
Natural gas pushes lower
The pullback from the natural gas March high has continued, and despite some buying at the lows yesterday it has dropped in morning trading.
Continued losses target the 3000 low from the end of January. Monday’s session saw heavy selling at the highs, so a close back above the highs at 3700 would be needed to suggest that a low may have formed.
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