Gold price, WTI crude price and natural gas price all come under pressure
Gold drops sharply
The bullish short-term view here looks to have been negated by the sharp drop on Tuesday.
This has seen the price drop below last week’s low, and also below trendline support from mid-March. This seems to hand the initiative to the sellers, and might see the price head back to the 50-day simple moving average (SMA).
A stronger dollar in the wake of the FOMC would likely reinforce this bearish outlook.
WTI back at April lows
Oil prices continued their retreat on Tuesday. WTI saw a drop back to the $81 level that marked the lows of last week.
This cancels out the developing higher low from a week ago, and the retreat from trendline resistance seen on Friday bolsters the negative view in the short-term.
Further declines would target the 200-day SMA, and then on towards $78, last seen in early March.
Natural Gas heads lower
While the price has yet to display the bearish characteristics seen in gold and WTI, the retreat on Tuesday does cancel out the bullish view in the short-term.
The price may now test rising trendline support from late May. This held in mid- and late-April, so a close below this line would be a notable development.
This would then target the 50-day SMA and the lows of mid-April around 1850. A revival above 210 0 is needed to bolster the bullish view.
