Gold price drops back while WTI crude price and natural gas price push higher
Gold eases back from highs
The price of spot gold has dropped back after hitting a new record high at the beginning of the week.
As yet the losses of Tuesday and early Wednesday represent only a small dip in the overall move higher, which remains firmly intact. A short-term decline targets the previous high from July, at $2485.00. This provided support in early September.
WTI surges from low
Oil prices have rebounded from their recent low, and WTI crude oil succeeded on moving above the $70.00 level on Tuesday.
However, it remains well below the lows of August around $72.00, raising the possibility of another lower high to reinforce the bearish view. This could then result in a fresh leg lower, towards the recent lows around $65.00.
A close back above $72.00 is needed to suggest that a more substantial recovery is in the offing.
Natural gas rises to four-month high
Natural gas has succeeded in moving above the May low, bolstering the bullish outlook.
Tuesday’s session saw the price climb above 2600.00 for the first time since 28 June. The bounce from the end of August remains intact, though a close back below 2450.00 might signal some short-term weakness is at hand.