The spot gold price has slipped back toward the previous highs of around $2,600. This marks the first significant decline in over a month.
Currently, this drop is more of a gradual decline than a major pullback, as the earlier highs have yet to be tested. If the downward trend continues, gold could move toward the $2,531 level.
In the short term, if gold rises above $2,650, it will regain momentum for buyers.
WTI Crude Oil Stalls After Initial Surge
WTI crude oil prices surged on Monday, reaching the 200-day simple moving average (SMA), but reversed direction on Tuesday, giving back the week’s earlier gains.
The lack of significant news from the Middle East led to some volatility, but prices remain above the 50-day SMA and are still higher compared to two weeks ago.
A new push toward the 200-day SMA may occur. However, if sellers regain control and the price closes below $72.00, it could indicate the start of a new downward trend following the late September high.
Natural Gas Prices Slightly Decline
Natural gas prices have experienced a slight decline over the past three sessions, moving toward trendline support established from the late August low.
Despite this gentle drop, the strong upward trend remains intact. A rebound off the trendline could target last week’s highs. However, if prices close below the trendline support, they may move toward the mid-September highs of 2,620.
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