Natural gas price surges while WTI crude oil price and gold price ease back
Gold drops back from new record
The spot gold price has enjoyed a strong rally in the wake of the Federal Reserve (Fed) decision to cut interest rates.
The past two months have seen the maintenance of the uptrend in place over the last year. Pullbacks have been short-lived of late, and even the brief weakness of early last week was then met by buying as the US dollar weakened.
A period of short-term weakness would need a close below $2550.00.
WTI crude oil bounce pauses
The WTI crude oil rally from September low has stalled, though it is not clear that a reversal has begun.
For that to happen, we would need to see a close back below $70.00, which might indicate that a lower high has formed. This would then bring a move back to the September lows into play.
A close back above $72.00 puts the buyers back in charge once more.
Natural gas at new three-month high
The natural gas price surged on Friday, hitting its highest level since the end of June.
This marks an impressive recovery from the August lows, but further upside seems likely over the medium-term. Further gains target the 3050.00 level from January and May.
Sellers have had little luck in recent days, and a close below 2450.00 would be needed to indicate some short-term weakness is ahead.