Gold price holds support and WTI crude price drops further, while natural gas price manages a brief recovery
Gold continues to avoid a bigger move lower, but WTI is now below $60.00. Natural gas has managed to bounce from its recent low.
Gold still holds key support
Spot gold continues to hold $3300.00 – Tuesday’s session saw the price hold this as the low, raising hopes of a follow-on day today, but so far that has not materialised.
Nevertheless, the buyers continue to hold off any deeper selloff for the time being, giving room for a new push to the upside towards $3500.00. A close back below last week’s lows of $3250.00 would be needed to indicate a short-term pullback is back underway.
Spot gold chart
WTI drops below $60
Oil prices declined sharply for a second successive day yesterday, with the selloff gathering pace into the afternoon.
WTI crude oil slipped below $60.00 late in the day, and is under fresh pressure this morning. Sellers may continue to pile in, driving the price down in early trading. Continued losses head towards the $56.00 lows from early April.
WTI chart
Natural gas rebounds
A short-term recovery continues for natural gas from its oversold condition.
Having bounced from 3000, the price has also managed to move back above 3400, a key area of both support and resistance in the last month. From here it can target the 14 April high at 3699.
Sellers will be looking for a resumption of the downward move, and a reversal back below 3300 would perhaps signal that a new leg lower has begun.
Natural gas chart
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