Gold price and WTI crude price higher, while natural gas price struggles
Gold at new highs
Spot gold has once again defied the doubters, rallying to a new high for a second consecutive day.
Gold’s performance this year has been a lesson in never arguing with trends, which can go on and on, for much longer than anyone thinks is possible.
There has been an absence of any real pullbacks here; the late September/early October drop was the most serious in weeks. But this ended with a rally from near $2600.00. Further gains now seem likely.
WTI forms a possible higher low
WTI crude oil prices have seen strong buying at the lows over the previous three sessions as it neared trendline support from the September low.
The price is recovering this morning and could be forming a higher low, with a close above $71.00 reinforcing this bullish view. This would then provide the springboard for more gains.
A reversal back below trendline support would be needed to suggest that the downward move from the October highs will continue.
Natural gas edges lower
The natural gas price continues to drift lower, finishing at the lows yesterday. For the moment the price has not yet been able to support a higher low.
A close above 2800 might build a foundation for further gains, with the overall bullish view still holding up following the solid gains of the past seven weeks.
The 2530 low from May may provide support in the event of further losses.