- Natural Gas picks up bids to reverse the previous weekly loss within a bearish chart formation.
- Sustained trading beyond 100-SMA, mixed oscillators keep XNG/USD bears hopeful.
- Clear downside break of $2.59 could convince Natural Gas sellers to refresh monthly low.
Natural Gas Price (XNG/USD) remains mildly bid near $2.68 amid early Monday morning in Asia. In doing so, the XNG/USD pares the previous weekly loss with mild losses, up 0.45% intraday, as sellers flex muscles within bearish chart formation.
That said, the XNG/USD’s sluggish MACD signals join the gradually improving XNG/USD price. However, the Natural Gas buyers need validation from the downward-sloping resistance line stretched from late June, close to $2.77 by the press time.
Following that, the XNG/USD run-up towards the previous monthly high of around $2.93 and March’s peak of near $3.08 will be in the spotlight.
On the contrary, a clear downside break of the 100-SMA, around $2.65 at the latest, becomes necessary for the XNG/USD bears to retake control.
Even so, the Natural Gas trading beneath the stated triangle’s bottom line, close to $2.59 at the latest, will be a tough nut to crack for the energy instrument before giving them control.
Following that, $2.43 and the previous monthly low of around $2.17 may test the XNG/USD bears before directing them to the theoretical target of below the $2.00 psychological magnet, close to $1.90.
Overall, XNG/USD remains bearish but the downside move needs validation from $2.59 to convince the energy bears.
Natural Gas Price: Four-hour chart
Trend: Limited downside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays pressured toward 1.0500, US PPI data next in focus
EUR/USD remains heavy toward 1.0500 in the European session on Thursday, hanging at yearly lows. The Trump trades-driven unabated US Dollar demand and tarrifs threat weigh on the pair. Mixed Eurozone data fail to lift the Euro. Eyes turn to US PPI data and Fed Chair Powell.
GBP/USD holds losses near 1.2650 on relentless US Dollar buying
GBP/USD is holding losses while flirting with multi-month lows near 1.2650 in European trading on Thursday. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed.
Gold price approaches 100-day SMA/50% Fibo. confluence amid sustained USD buying
Gold price touches its lowest level since September 19, around $2,550 area during the early part of the European session on Thursday. The US Dollar buying remains unabated in the wake of optimism over the expected expansionary policies by US President-elect Donald Trump.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.