Gold Prices Rise on Hopes of a Rebound, While WTI Crude Oil and Natural Gas Prices Retreat

Gold prices are recovering from recent losses, while oil and natural gas have dropped in early trading. Gold bulls are optimistic that a new upward movement may be starting.

The price appears to have bottomed out just above $2,550 and has shown a strong start to the week. A close above $2,600 would reinforce the bullish outlook, suggesting further gains toward the $2,800 level over time. However, a drop back below $2,550 would shift momentum to the downside, giving control to the sellers.

WTI crude oil prices edged higher on Friday, holding above $67.00 for now. A break below this support could pave the way for a drop toward the September lows around $65.00, which marked the lowest point of 2023. A short-term bounce, however, could target the recent highs near $72.00.

Natural gas prices, which gapped higher on Friday, have since stalled and are now slightly lower. The price is currently just below the 3200 level, which marked the highest point since May. Despite the pullback, the overall uptrend remains intact after the bounce from early November’s low above 2600. Longer-term gains could target the October 2023 highs around 3600, with the November 2023 high at 3380 potentially acting as an intermediate level.