Spot gold saw a one-month low on Friday but has pushed higher in early trading. If a low has formed around $2,832, further gains towards $2,900 could support a short-term bullish outlook, possibly paving the way for a test of recent highs. However, if gold closes below $2,850, it could signal a shift in momentum toward the sellers.
WTI Crude Oil Under Pressure
After the January slump, WTI crude oil prices faced a choppier decline through February. Last week’s gains stalled at $70, and fresh selling pressure emerged on Monday. For a reversal to take place, WTI would need to close above $70, followed by a rise past $73, breaking the trend of lower highs.
Natural Gas Recovery Attempt
Natural gas prices had declined in the latter half of last week but are attempting a rebound in early trading. If prices manage to close above 3,850, it could signal that a low has formed, positioning prices for a potential rise to 4,400. On the flip side, a close below 3,760 would suggest the continuation of the decline from late February highs.
In summary:
Gold: Short-term recovery possible with a break above $2,900.
WTI Crude Oil: Under pressure, needing a close above $70 for a bullish reversal.
Natural Gas: Attempting to rebound, with a close above 3,850 key for further upside.
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