Gold price stalls while WTI crude price and natural gas price head lower
Gold’s rally falters
Spot gold prices have eased off the highs of last week, having seen its rally stall since last week.
In the short-term the price needs to close above $2450 to open the way to some more upside, targeting the previous record highs and then into uncharted territory.
The medium-term bullish view remains in place unless we see a close back below the 50-day simple moving average (SMA) at $2366.
WTI hits two-month low
Oil prices continue to fall despite escalating tensions in the Middle East.
The WTI price has now pushed below the lows of June, though it is holding around here for now. For the moment the sellers are in control, though a close above $74.00 might signal that a low is in for now. February’s low at $71.45 is the next level to watch on the downside.
Natural gas below 2000
The natural gas price is now below 2000, for the first time since May. Hopes of a recovery have been repeatedly dashed, and while the price remains oversold it looks like more of the April gains will be eroded.
The sellers remain in control unless buyers can force a close above 2000 and then above 2060.