Gold price dips close to record high, Brent crude oil's continued gains, and US natural gas futures drop to two-week low
Gold price dips close to record high
The price of spot gold has recovered from Thursday's sharp drop to $2,471.00 per troy ounce on a softening US dollar but so far hasn’t managed to overcome its current record high at $2,531.00.
The short-term bullish outlook will persist as long as prices hold above the recent $2,471.00 low and $2,469.00 July peak. Above it lies the August uptrend line at $2,497.00 which may also hold.
Brent crude oil
Front month Brent crude oil futures are on track for their fourth straight day of gains from last week’s 75.24 low amid major airborne attacks by Russia on Ukrainian energy infrastructure. This low was made just above the early August low at 74.97.
The break through the July-to-August downtrend line at 79.68 is positive and points to the 55- and 200-day simple moving averages (SMA) at 81.95-to-82.02 now being in focus, together with the 81.97 mid-August high.
Potential support below the breached downtrend line at 79.68 can be found around the late July low at 77.95.
US natural gas futures drop to two-week low
Last week US natural gas front-month futures stalled once again around the 200-day SMA at 2.304, after hitting a minor peak at 2.379 on Tuesday, before resuming their descent. They now trade in two-week lows and are about to hit the mid-July low at 2.045 ahead of the late July low at 2.006 and the early August trough at 1.918.
Minor resistance sits at the 19 August low at 2.197.