Gold sees bullish momentum fade
Spot gold price soared this week to a new record, but have eased off over the previous two sessions, and are under pressure in early trading today.
In the short-term, the move towards $2400 puts the sellers in charge, particularly if we see a close back below the May highs at $2450.
Further short-term declines target the 50-day simple moving average (SMA), currently $2359.
WTI heads lower
While the WTI crude oil price rallied mid-week, it has failed to sustain those gains, and continues in its downward move from the early July highs.
Additional losses are likely to test the 50-day SMA (currently $79.46), while a close below this would mark a more bearish medium-term development.
Buyers will want to see a close back above $82 to put the price back on course to test the July highs.
Natural gas finally stabilises
Natural gas managed to stabilise yesterday, after a huge rout over the past six weeks.
Having found support at 2060, the price now needs to push on through 2200 to suggest that a low may have been formed for the time being.
Short-term gains target the 100- and then 200-day SMAs (currently 2305 and 2460, respectively).
