Gold heads back towards highs

The spot gold price has risen so far this week, and is now pushing back towards the recent highs.

A breakout above $2531.00 puts the price in new record high territory. Modest weakness over the past month has been met with buying, and the commodity has not succumbed to the volatility seen in stock markets.

Source: ProRealTime Source: ProRealTime

WTI sinks to fresh lows

The WTI crude oil price has dropped sharply once more, after a brief recovery on Monday.

WTI slipped below $66.00 for the first time since May 2023 on Tuesday, and shows no sign of stopping. Although oversold and overstretched from the 50-day simple moving average (SMA), the price remains in a downdraft that may now test the May 2023 lows at $63.76.

Source: ProRealTime Source: ProRealTime

Natural Gas moves higher

While oil prices sank, ​natural gas rediscovered its strength, pushing back towards last week’s highs on Tuesday.

Having averted a short-term bearish turn, the price now targets the early July high at 2450.00. From there, it would look towards the end of May low around 2530.00.

Sellers will need a reversal back below 2270.00 and the 200-day SMA to suggest a new push lower.

Source: ProRealTime Source: ProRealTime