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Gold Hits New Record as WTI Crude and Natural Gas Prices Rebound

by Krystal

Spot gold prices have reached new highs, showing no signs of reversing. In the short term, any weakness may see the price fall back to the previous peak of $2,685, and potentially drop further to the October lows around $2,600.

WTI Crude Oil Extends Gains

WTI crude oil prices rose for a second consecutive day on Tuesday, climbing back to the 50-day simple moving average (SMA). Reports of a potential Israeli attack on Iran have provided support to the price, which had fallen to a three-week low last week.

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Currently, positive momentum is driving the price higher, with a likely test of $72.45, followed by a move towards the October high of $77.00. However, if the price falls below $70.00, last week’s lows may be tested again.

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Natural Gas Shows Signs of Recovery

Natural gas prices have stabilized after declining from early October highs. Since hitting a low on Friday, prices have been recovering. In the short term, gains are expected to push the price back toward the October high of 3,120.

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If prices close below 2,630 and reverse, it could signal the start of another downward move.

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