Gold price and WTI crude price heads lower, but natural gas price makes gains
Gold eases back off recent highs
Last week, spot gold witnessed a surge to new highs above $2450.00, though a broader risk-off move in the second half of the week saw gains trimmed.
While the price has dropped back below the previous May high, it remains above the 50-day simple moving average (SMA), currently $2360.00.
A close back above $2420.00 would help to provide hope of a short-term low and a new push towards $2450. Alternately, the price may now test the 50-day SMA.
WTI takes a sharp turn lower
WTI crude oil slumped on Friday, taking the price back to mid-June levels.
It now looks like a lower high was created at $84.00, and a close below the declining 200-day SMA ($78.40) would amplify the bearish view and raise the risk of a move back to the June lows around $73.00.
Bulls will want to see a revival above $80.00 to help stabilise the price and raise the prospect of a rally towards $84.00.
Natural gas rallies for a third day
The natural gas price has rallied for now, and has arguably formed a low that will see a rebound develop towards the 100-day (2309) and then the 200-day (2454) SMAs.
For now it has held support at 2061, so a close back below this would negate the short-term bullish view.