A bullish reversal in gold prices triggered a sharp advance, testing resistance around the 2,009 interim swing low, with potential for higher prices in the coming days as long as gold stays above 1,990. The recent volatility spike and bullish breakout indicate buyers taking control, with key upside pivot areas at 2,015, 2,024, and the 50-Day MA at 2,031. A breakout above the 50-Day line could signal a completion of the current correction and lead to a bullish trend.
Gold continues to show signs of recovery, breaking above the 50-day EMA and consolidating around the $2,000 support level. The $2,075 level poses a significant resistance, while the 50-day EMA provides support. Geopolitical tensions and questions about bond markets and central bank rate cuts are factors influencing the market. With expectations of a sideways market, short-term bullishness is advised, with potential for a buy and hold scenario if the $2,075 level is breached. The $1,980 level and the 200-day EMA are crucial areas to watch for trend definition.
Natural gas has dropped to a new trend low of 1.76, nearing a potential support zone at 1.80, and is 52% below the October swing high at 3.64. A decisive close below 1.80 could indicate a deeper decline towards the next significant price zone at 1.61, with a bearish trend continuation signal on the weekly chart. Further downside targets include 1.52 to 1.49, but a bullish reversal is anticipated at or above 1.49, with future price action around potential support levels providing insight into market strength or weakness.
This week's market outlook includes key economic events such as UK unemployment rate, Switzerland CPI, US CPI, UK CPI, Australian unemployment rate, US retail sales, US jobless claims, and PBoC MLF. The data will influence market pricing, with potential impacts on rate cuts and interest rate expectations. Notable reports include the US CPI, UK CPI, and US jobless claims, which are expected to be closely monitored for their influence on market sentiment.
The price of natural gas has plummeted to a 42-month low, reaching 1.87 and eyeing a next target of 1.80, with potential further support at 1.61 to 1.44. A bearish long-term trend continuation signal has been triggered, indicating a possible acceleration of the decline, supported by crossovers in moving averages. The market appears to be heading towards lower prices, with downside follow-through still warranted.
Natural gas prices are expected to continue falling, with a bearish trend triggered by a drop below 2.00. The strong downward momentum suggests a potential further decline below 1.95, with initial targets around 1.80 and potentially 1.61/1.60. Despite the extended downside, a bullish reversal would require a rise above 2.17.
Natural gas remains in a tight consolidation pattern, with bearish pressures intact as it tests support levels. A decisive drop below 2.02 could signal a continuation of the bear trend, with potential downside targets at 1.98, 1.97, and 1.95. However, a bullish reversal could occur with a decisive rally above 2.17, potentially leading to filling the gap at 2.31 and reaching resistance levels around 2.60 to 2.67.
The price of natural gas took a bearish turn, opening the week with a significant gap down and breaking through support levels, signaling downside pressure with a series of lower swing highs. The breakdown of a falling parallel channel and a bearish monthly breakdown further support the bearish view, as today's decline surpassed last month's low, indicating a potential shift in the market.
Natural gas is showing strength as it holds steady and potentially closes at a new trend daily high, with eyes on a breakout above 3.23. Despite a recent pullback, it remains within Tuesday’s trading range and above the uptrend line, signaling potential for further gains. A breakout above 3.23 could face resistance at 3.34-3.39, with a primary higher target at 3.93, mirroring a previous advance. The 23.6% Fibonacci retracement will be hit at 3.85, indicating potential future price movements.
