Gold prices retreated on Thursday after briefly rallying back to the late November highs near $2,720, failing to maintain momentum. The decline marked a pullback after a brief surge, and if the downward trend continues, the price could test the $2,610 level, which had seen significant buying interest at the end of November. The $2,720 mark remains a critical resistance level, with a break above it potentially opening the door for further upward movement, possibly revisiting the record highs from October. Until then, the market faces a cautious outlook, with the next significant support level below at $2,610.
On the other hand, oil prices had a stronger week, with West Texas Intermediate (WTI) crude rising steadily from the $67 level. Since late October, WTI has found itself within a defined range, fluctuating between $67 and $72. However, the price has recently encountered resistance at the $70 mark. This marks a pause in the downtrend that had been ongoing since April, as the price is no longer showing lower highs. While the current range-bound trading suggests some stability, the inability to sustain upward movement for extended periods—more than two weeks—indicates a relatively cautious outlook for oil prices in the coming weeks.
Natural gas prices, meanwhile, have been showing signs of recovery. Since hitting a low on December 4, the price has surged by approximately 12%, reigniting the upward momentum after a mid-November pullback. While Thursday saw some initial weakness following the gains from Wednesday, prices quickly regained strength. The next key resistance level to watch is $3,600, which marks the high from late November. However, if prices reverse below the $3,000 mark, there could be a renewed push lower, potentially retesting the early November lows.
Overall, the markets for gold, oil, and natural gas are showing mixed signals, with gold experiencing some volatility, oil stabilizing within a narrow range, and natural gas continuing its upward trend after a recent rebound. Investors will be closely monitoring these developments in the days ahead for further clues on the direction of these key commodities.
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