Gold price falls but WTI crude price and natural gas price rise
Gold drifts lower
The spot gold price has fallen back from the highs seen last week near $2800.00, though the long-term uptrend is still firmly in place.
Since July the price has held above the 50-day simple moving average (SMA) and has made a series of higher highs and higher lows. A short-term pullback may test the late September highs just below $2700.00.
WTI makes gains
Another short-term rally has helped to stall the losses, after the price fell to a one-month low last week.
The WTI price has pushed on above $70.00, and now targets the $72.00 level, which acted as resistance in late September. If it moves above $72.00 then the price will have broken the run of lower highs since early October.
Natural gas edges higher
After rallying in mid-October, the natural gas price fell back, and while it has risen in early trading it is not yet certain that a low has been formed.
However, a close back above 2750 might well indicate that a low has formed, and a long trade with a stop under the lows of late October and last week, i.e. around 2610, might be able to capitalise on a fresh rebound.