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​​​Gold, oil and natural gas prices steady after volatile Thursday​​​​

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Commodity prices came under pressure on Thursday as the dollar strengthened, but have edged higher in early trading this morning.

Source: Bloomberg
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 11 August 2023 11:10

Gold back to support zone

Gold is back to the support zone seen in June, after seeing its gains on Thursday knocked back. Some small gains this morning will not really change the overall negative view. It would need a close back above $1930 to suggest that a low has been formed.

Further declines below the 200-day SMA and the $1900 level will amplify the bearish view and open the way to a retracement in the direction of the March low at $1806, the next major support level.

original-size.webpSource: ProRealTime

Brent still in short-term uptrend

While oil prices fell back yesterday, the overall move higher is still intact. This still leaves the price on course to break above the $87.20 support level, and then on towards the $89 highs from January.

In the short-term, a move back below $85 would break trendline support and possible result in a pullback or consolidation. For the moment however, there is little sign of any bearish price action.

original-size.webpSource: ProRealTime

Natural Gas steady after Thursday’s drop

After rallying steadily all week the price fell back yesterday as profit-taking set in. In the short-term a move back below 2786 might signal that a move back to the 50-day SMA was in the offing.

Bulls would certainly be pleased to see the price hold above 2786 as it might then allow the price to move back to Wednesday’s highs around 3050, and then on towards the 200-day SMA.

A move back below 2626 would be a fresh bearish development and suggest that the recent bounce was merely a short-lived development.

original-size.webpSource: ProRealTime

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