Commodity markets are reflecting a mixed outlook as gold prices remain steady, natural gas sees gains, and crude oil continues its downward trend.
Gold Holds Steady Near Recent Highs
Spot gold prices maintained their momentum yesterday, rallying from lower levels and avoiding a more significant decline. After an impressive rally over the past six weeks, gold remains resilient, though a drop below $2800 could signal a potential pullback. For now, the precious metal’s strong upward trajectory shows little sign of slowing down.
WTI Crude Struggles Amid Volatile Week
Crude oil prices have faced a difficult week, with early gains evaporating as the market continues to trend lower. Thursday’s session showed minimal losses compared to Wednesday, but there has been a lack of buyer interest to establish a firm low. WTI crude oil prices have dipped below the $72.00 mark, which had served as the peak in autumn 2024, with further declines potentially targeting the late December low near $69.00.
Natural Gas Price Recovers, Tests Key Level
Natural gas prices have gained strength over the past two sessions, climbing back to the 3400 level that marked the top of the gap on 27 January. A close above this level would solidify a bullish outlook and may drive prices toward the 3900 mark. However, a drop below 3200 would likely shift momentum in favor of sellers, indicating potential downward pressure.
As of now, the commodity market is navigating through volatility, with gold maintaining its strength, crude oil facing continued pressure, and natural gas testing significant resistance levels. Market participants will be closely monitoring these assets in the coming days for further developments.
