Natural Gas Price Analysis: XNG/USD prods resistance-turned-support around $2.66

Natural Gas Price remains pressured after reversing from 11-week high.
Bearish MACD signals, RSI’s retreat from overbought territory adds strength to downside bias about XNG/USD.
Weekly support line, 200-SMA holds the key to further downside of the Natural Gas Price.

Anil Panchal FXStreet

Natural Gas Price (XNG/USD) remains on the back foot around $2.68 as bears attack a short-term key support line, previous resistance, heading into Monday’s European session.

In doing so, the XNG/USD also justifies the bearish MACD signals and the RSI (14) line’s retreat from the overbought region.

As a result, the energy instrument is likely to break the immediate support line of around $2.66.

However, a one-month-old horizontal support zone, surrounding $2.57-58, appears a tough nut to crack for the Natural Gas bears to retake control.

Even so, the 200-SMA level of near $2.37 may act as the last defense of the XNG/USD buyers, a break of which could direct the commodity towards the monthly low of around $2.14.

On the flip side, the Natural Gas price recovery needs validation from the $2.80 ahead of challenging the March month swing high of near $3.08.

In a case where the XNG/USD remains firmer past $3.08, the yearly high of around $4.17 and then the $5.0 psychological magnet will be in the spotlight.

Overall, Natural Gas price is likely to witness a pullback but the trend remains bullish unless the quote drops below $2.57.

Natural Gas Price: Four-hour chart

Trend: Limited downside expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.