- Natural Gas takes offers to refresh intraday low, fades Friday’s rebound from monthly low.
- Previous support line from early June, 200-SMA prods XNG/USD buyers amid downbeat RSI.
- Looming bull cross on MACD, multiple hurdles toward the south challenge Natural Gas sellers.
Natural Gas Price (XNG/USD) drops for the fourth consecutive day, fading the bounce off the monthly low, to around $2.53 amid Monday’s Asian session.
In doing so, the XNG/USD retreats from a six-week-old previous support line, around $2.55 by the press time.
Also challenging the Natural Gas buyers is the absence of the oversold RSI and the sustained trading beneath the 200-SMA hurdle of around $2.57.
It should be noted, however, that the looming bull cross on the MACD can help recall the XNG/USD bulls in a case where the commodity buyers manage to cross the 200-SMA hurdle of around $2.57.
Following that, a downward-sloping resistance line from June 26, close to $2.65 at the latest, will be in the spotlight.
On the contrary, the latest bottom of the XNG/USD price near $2.49 precedes the 61.8% Fibonacci retracement of June’s upside, near $2.47, as well as a six-week-old horizontal support zone of around $2.44-43, to challenge the Natural Gas sellers.
Overall, the Natural Gas Price is likely to witness a pullback but the bearish trend is far from the sight.
Natural Gas Price: Four-hour chart
Trend: Further 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 stabilizes near 1.0400, volumes remain light on New Year's Eve
EUR/USD stabilizes at around 1.0400 on Tuesday following Monday's choppy action. The cautious market stance helps the US Dollar stay resilient against its rivals and doesn't allow the pair to gain traction as trading conditions remain thin heading into the end of the year.
GBP/USD retreats below 1.2550 after short-lasting recovery attempt
GBP/USD loses its traction and retreats below 1.2550 after climbing above 1.2600 on Monday. Although falling US Treasury bond yields weighed on the USD at the beginning of the week, the risk-averse market atmosphere supported the currency, capping the pair's upside.
Gold rebounds after finding support near $2,600
After posting losses for two consecutive days, Gold found support near $2,600 and staged a rebound early Tuesday. As investors refrain from taking large positions ahead of the New Year Day holiday, XAU/USD clings to daily gains at around $2,620.
These three narratives could fuel crypto in 2025, experts say
Crypto market experienced higher adoption and inflow of institutional capital in 2024. Experts predict the trends to look forward to in 2025, as the market matures and the Bitcoin bull run continues.
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium
Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.
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.