Buyers are once again attempting to revive the rally here, having managed to lift the spot gold price off last week’s low and avoid any further push to the downside.
Further gains now target the 25 November high at $2720. Above this lies the record high from late October. In the event of fresh declines, the price targets $2600 and then $2550, where the main November pullback was halted.
WTI crude oil prices recovered sharply yesterday, with WTI rallying off $68. In the short-term, the price now targets the late November high at $71.40, followed up by the $72 resistance zone.
The overall bearish outlook is still in place for the time being; a close back above $72 might suggest some further near-term gains and perhaps a test of the October highs at $76. A close below $68 would then lead to a test of $66.50, support in September, October and November.
The pullback continues here, with the natural gas price heading to its lowest level since mid-November.
Any close above 2600 would still help to preserve the uptrend, creating a higher low. The price has now fallen below the early October high, and may now target the 2600 low from late October and early November.
