Spot gold prices have eased from last week’s highs, with its recent rally stalling. In the short term, gold needs to close above $2,450 to aim for higher levels, targeting previous record highs and then new territories. The medium-term bullish outlook remains intact unless the price closes below the 50-day simple moving average (SMA) at $2,366.
WTI Hits Two-Month Low
Oil prices continue to fall despite escalating tensions in the Middle East. The WTI price has now dropped below the June lows, though it is currently holding steady. Sellers are in control, but a close above $74.00 might indicate a temporary low. The next level to watch on the downside is February’s low at $71.45.
Natural Gas Below 2000
Natural gas prices have fallen below 2000 for the first time since May. Recovery hopes have been repeatedly dashed, and more of April’s gains appear to be eroding. Sellers remain in control unless buyers can force a close above 2000 and then above 2060.