Gold back to recent highs

The spot gold price shook off the post-Federal Reserve (Fed) weakness and rallied once more on Thursday, moving back to its previous highs overnight.

The buyers remain firmly in charge on a daily timeframe, and the current outlook points towards further gains over the medium term. Sellers will need a close back below $2550.00 to suggest that at least a short-term pullback to the 50-day simple moving average (SMA) is underway.

Source: ProRealTime Source: ProRealTime

WTI’s counter-trend bounce goes on

WTI crude oil prices continue their rebound from the low two weeks ago, though with the 50-day SMA still heading firmly lower the short-term downtrend is still intact.

The modest rebound has a long way to go to avoid creating another lower high, with the late August high still some distance away at $77.10. Any turn lower below this could revive the bearish outlook and lead to another leg lower.

Source: ProRealTime Source: ProRealTime

Natural gas pushes higher again

The ​natural gas rally continues here, with the price bouncing off Thursday’s low to avert any short-term downward move.

A close above the 2633.00 highs from Tuesday would mark a new bullish development, and mark a fresh milestone in the recovery from the August lows.

Sellers will need to push the price back below 2400.00 to suggest a new turn lower is at hand.

Source: ProRealTime Source: ProRealTime