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Gold and Natural Gas Prices Rise, While WTI Crude Prices Fall Back

by Krystal

Gold prices have climbed from this week’s lows and are approaching recent highs. Buyers defended the $2472.00 level, pushing prices higher and avoiding a short-term decline for now. If gold closes above $2531.00, it will reach a new record high. However, if the price falls back below $2470.00, it may head towards the 50-day simple moving average (SMA).

WTI Crude Oil Nears Summer 2023 Low

Oil prices struggled yesterday, closing near their lows and leaving WTI crude oil close to December’s lows. The $67.30 mark, which provided support in mid-2023, will be crucial to watch. There is currently no strong sign of upward momentum, but a close above $70.00 could indicate a potential low. News that OPEC might delay an October production increase has had little impact on boosting prices.

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Natural Gas Prices Rise

Natural gas prices continued to rise on Thursday, moving well above the 200-day SMA and returning to mid-August highs. Buyers are firmly in control after bouncing off 2200 earlier this week. The price closed above 2380 yesterday, suggesting further gains ahead. A close below 2200 would reverse this positive outlook.

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