Gold price looking for new highs, but WTI crude price and natural gas price fall back
Gold on cusp of new highs
The spot gold price edged back down from its highs yesterday but overall, the rally is still in place from last week.
A daily close above the record high has yet to transpire, but it may well be just a matter of time. $2500.00 continues to glisten in the near distance as a target.
Having held above the 50-day simple moving average (SMA) and above trendline support from late June, the outlook remains bullish. It would need a close back below the 50-day SMA to suggest some renewed near-term weakness.
WTI price back below 200-day moving average
The rally in WTI crude oil prices suffered a knock yesterday after it managed to close above the 200-day SMA on Tuesday.
Today may well be a deciding moment for the bounce; a close back below $77.00 would mark a fresh bearish development and could spark a new leg lower down to the August lows once more.
Buyers will want to see a revival today or in coming sessions that puts the price back above $78.00 and the 200-day SMA, in order to point the way to further gains.
Natural gas bounce goes into reverse
The natural gas rally here ran out of steam at 2300, and the price has slipped back from the highs for the time being.
A lower high might be indicated should the price drop back below 2200, and this could then put the recent lows back in prospect.
On the upside, a close back above 2300 could put the buyers in charge once more. This then targets the 200-day SMA, followed up by the 9 July high at 2454.