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​​​WTI, natural gas prices slip as gold heads for fourth straight day of gains


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Outlook on WTI, gold and natural gas as the Jackson Hole symposium kicks off.

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Source: Bloomberg
 
 
 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 24 August 2023 11:06

WTI slips towards mid-July high

WTI’s failed attempt of a rally to Monday’s $81.73 per barrel high has been followed by a drop to a one-month low at $77.60 on demand worries. The oil price slid for a fourth consecutive session as softer-than-expected flash PMIs in the Eurozone, UK and US raised concerns about future energy demand.

A fall through Wednesday’s low at $77.60 would put the $77.17 mid-July high on the map, below which meanders the 200-day simple moving average (SMA) at $75.98. The $78.65 mid-August low acts as minor resistance ahead of the minor psychological $80.00 mark.

original-size.webpSource: ProRealTime

Gold on track for fourth straight day of gains

The bullish reversal in the gold price from this week’s $1,885 per troy ounce low is taking it towards the mid-June low at $1,925 ahead of the Jackson Hole symposium where central bankers will guide markets on their interest rate outlooks.

Another potential upside target is the 55-day simple moving average (SMA) at $1,934 while support comes in along the 200-day simple moving average (SMA) at $1,910.

original-size.webpSource: ProRealTime

Natural gas futures fall towards July low

Natural gas prices are on the way down again as Australian strike risk fades. A preliminary agreement reached between Woodside Energy and unions at a major Australian liquefied natural gas (LNG) site has also pushed European gas futures prices down by around 13% on Thursday morning.

The fall through the June-to-August uptrend line at $2.598 MMBtu puts the July and early August lows at $2.481 to $2.480 on the map. If also slipped through, the 8 June high at $2.415 may also be reached. Minor resistance above the breached uptrend line can be found between the 18 August low at $2.620 and the 55-day simple moving average (SMA) at $2.656.

original-size.webpSource: ProRealTime

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