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Gold prices fell to a two-week low on Thursday as signs of easing trade tensions boosted risk appetite and reduced golds safe-haven appeal, while a stronger dollar also weighed on gold prices. "The market remains confident that the United States will soon sign a lower tariff agreement with other countries, and this optimism, coupled with a stronger dollar, is weighing on gold prices," said Giovanni Staunovo, an analyst at UBS. Investors are waiting for Fridays non-farm payrolls report to gain further insight into the Feds policy direction. "A weak jobs report should support the Feds calls for further rate cuts this year and push gold prices back to $3,500 an ounce in the coming months," said Giovanni Staunovo.On May 1, institutional analysis pointed out that gold futures plummeted due to easing trade tensions and declining safe-haven demand. The strengthening of the US dollar further dampened enthusiasm for gold as a safe-haven asset and made dollar-denominated commodities more expensive for international buyers. The United States is likely to reach a trade agreement, and market optimism and risk appetite are rising. However, further losses may be limited because expectations of interest rate cuts have also been raised after the United States released a series of weak economic data. The US economy contracted by 0.3% in the first quarter. Lower interest rates usually stimulate demand for non-interest-bearing gold.Ukraines Foreign Minister: The EUs top diplomat has been informed of the mineral agreement reached with the United States.According to the Wall Street Journal: Citigroup hired Trumps former trade chief Robert Lighthizer.According to the Wall Street Journal: The U.S. government has commissioned L3Harris to completely transform a Boeing 747 once used by the Qatari government.

Natural Gas Price Analysis: Breakout of the 21-DMA sustains bullish XNG/USD sentiment near $2.35

Daniel Rogers

Apr 12, 2023 13:39

 截屏2023-01-19 下午3.42.24.png

 

Natural Gas (XNG/USD) maintains modest gains near $2.36 as bulls maintain control over a three-day uptrend as of early Wednesday. Consequently, XNG/USD investors applaud an unambiguous break of the 21-DMA near the highest levels in three weeks.

 

Bullish MACD signals, sustained trading above the 10-DMA, and the upside of the 21-DMA all contribute to the optimism of Natural Gas buyers.

 

Nonetheless, intraday XNG/USD investors are attracted by the late-March trade high near the $2.40 round number. However, a convergence of numerous levels marked since early March and the 50-day simple moving average (around $2.47-48), followed by the $2.50 threshold, could limit the energy instrument's upside potential.

 

If the XNG/USD remains stronger than $2.48, the March 14 high around $2.75 will be in focus.

 

Alternately, Natural Gas sellers require confirmation from the 21-DMA support at $2.31 in order to revisit the 10-DMA support near $2.25.

 

Notably, the lows recorded since late February emphasize $2.13-12 as the key strong downside support for the XNG/USD bulls to overcome if they wish to reach the high near $1.95 in early July 2020.

 

Overall, the price of Natural Gas regains its upward momentum, but further gains appear constrained to the north.


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