Gold price pullback continues as WTI crude declines and natural gas holds support
Gold continues its short-term pullback, and WTI looks at risk of fresh losses. Meanwhile, natural gas is holding support for now.
Gold loses ground in early trading
Spot gold is pushing back to last week’s lows, suggesting that this week could see a further move to the downside as the euphoria from the rally to $3500 fades.
The early April high at $3150 comes into view as possible support, followed by the April low at $2975. While this latter level would put a significant dent into the uptrend, it would not end it entirely.
If the price can close back above $3300, a short-term low may have formed.
Spot gold daily chart
WTI comes under pressure again
WTI crude oil recovered from the weakness early last week that saw it drop from $64, but it is dropping back from $63 in early trading this morning.
A close below $62 may mark the beginning of a new drop, targeting $60 and then potentially down to the April low at $56. Bulls will need a close back above $64 to negate this bearish view.
WTI crude oil daily chart
Natural gas pullback halted for now
Natural gas's heavy losses of April have halted for now, but the small bounce from 3000 last week may not be much respite.
Early trading has seen the price falter at 3200, so fresh losses may test 3000 once more. 3000 has been support since December, so a close below this level would be a notable bearish development. The October and November lows at 2630 could be the next target.
Natural gas daily chart
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