Gold price and natural gas price decline, while WTI crude’s rally hits a wall
Gold drops back
The spot gold price has drifted back towards the previous highs around $2600.00, in the first real move lower in over a month.
This is more of a gentle decline at present than a full-blown pullback, since the previous highs are yet to be tested. Further declines head towards the $2531.00 level.
In the short-term, a revival back above $2650.00 hands the initiative to the buyers once more.
WTI bounce stalls for now
Having surged on Monday to the 200-day simple moving average (SMA), the WTI crude oil price reversed course on Tuesday, giving back the gains from the first day of the week.
Given the lack of news from the Middle East, it was not surprising to see some downside volatility appear, but the price remains above the 50-day SMA, and firmly higher from two weeks ago.
A new push to the 200-day SMA may begin, or alternately, if sellers can renew the push lower, a close below $72.00 and the late September high might suggest that a new leg lower has begun.
Natural gas edges down
A gentle decline here over the past three sessions has taken the natural gas price towards trendline support from the late August low.
The very strong move higher remains in place, and a rebound off the trendline would target last week’s highs. A close back below trendline support raises the prospect that the price moves towards the mid-September highs at 2620.