WIKIFX REPORT: Natural Gas Rebounds Towards $5.50

Natural Gas Rebounds Continually

As the rally proceeded, natural gas recently tried to settle above the $5.50 mark.

Although the weather outlook is still adverse for high natural gas usage, it seems that dealers have begun making winter preparations. In late November, Freeport LNG is expected to resume production, which would significantly affect local markets. Natural gas will go toward the next resistance level at $5.70 if it settles above the $5.50 mark.

Range-Bound WTI Oil Price

Recently, WTI Oil made another effort to hold above the $86 mark but failed and retreated near $85.

WTI oil will go toward the bottom end of the current trading range at $83.50 if it settles again below the $85 mark. If this level is successfully tested, WTI oil will be pushed in the direction of support at $82.

To have a chance of gaining upward momentum, WTI oil must close above the resistance area close to the $86 level. The 50 EMA, which is around $87.70, serves as the next resistance level. A rise over the 50 EMA will make it possible to challenge the $88.50 resistance level.

Gold Returns Dollar retreats as

Gold retraced its steps back towards the $1660 resistance level as the U.S. dollar came under intense pressure against a wide range of currencies. Silver and gold have received significant support from the sharp decline in Treasury rates as they breached the $19.35 barrier level.

In the meanwhile, concerns about the recession continued to put pressure on platinum and palladium. Palladium has lately tried to settle below $1900, while platinum is now trading around the $930 mark. The demand for industrial goods affects both metals.

Copper Drops Amid Fears Of A Recession

Copper markets have been under pressure due to recession concerns, and prices have tried to settle below $3.40.

Copper did not benefit from a weaker dollar or lower Treasury rates, as platinum and palladium did.

From a broad perspective, copper markets are still constrained by a range and will need strong triggers to gain sustained pace in the next weeks.