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.
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.