Gold price rises again but WTI crude price and natural gas price drop back
Gold climbs once more
The spot gold price has started the week on the front foot, moving higher for a third day.
Last week’s drop to the $2600.00 level has run its course and buyers have reasserted control. Further gains target the September highs once again.
A new short-term bearish view requires a move back below $2600.00 in order to point towards a deeper pullback.
WTI edges lower
Oil prices surged towards the end of last week but the lack of any further major developments in the Middle East have stymied any further gains for the time being.
In the absence of an Israeli response to Iran, we may see further declines in the WTI crude oil price, perhaps testing the 50-day simple moving average (SMA) and the $72.00 level.
Both buyer and sellers will be aware that the outlook could change dramatically given the likelihood of an Israeli counter to Iran’s recent missile attacks.
Natural gas continues to fall
Hopes of a rebound were dashed on Friday, as the natural gas price reversed course.
More losses have put the price on the back foot in early trading, pointing towards a deeper pullback after the rally of late August and September.
Having made such strong gains since the August low, such weakness is hardly surprising, but overall a bullish view is still in place, unless we see a close back below 2500.