After the strong gains of the past week, the spot gold price has suffered a reversal.
Investors will be watching to see If the price continues to lose ground – in the first instance the target is the low from earlier in November at $2555.00. Below this would come the lows of early September around $2480.00.
If the price can avoid further declines, then a recovery back above $2700.00 would help to put the price back on course for the late October highs just below $2800.00.
The WTI rally has paused for now below $72.00, and with the bearish trend still in place sellers will be looking for a push below $70.00 that might signal the start of a new leg lower.
Continued losses would target the recent lows around $67.00, and then on to the September low at $65.00. A close back above $72.00 is needed to open the way to further short-term upside.
The natural gas price shook off the weakness from Friday’s session, and is holding close to recent highs.
Some consolidation could play out here after recent gains, but the overall uptrend is firmly in place and bullish momentum remains strong. A close below 3200 would be needed to signal that some sustained weakness is ahead.
