Bulls Remain in Charge Nonetheless, the bulls remain in charge but within a pennant consolidation pattern. This week’s minor pullback reached a low of $3,320, which was a successful test of support around the 50-Day MA and a short downtrend line. Today was the second day in a row that support was retained. Whether there
Gold Rises Above Key Levels Friday’s advance further confirms a bullish reversal following a test of support near the lower uptrend line that marks the bottom of a developing bull pennant pattern. This puts gold on track to continue to strengthen towards a test of resistance near the top boundary line of the pennant, at
At 12:15 GMT, Natural Gas Futures are trading $3.398, up $0.061 or +1.83%. Will the EIA Storage Miss Fuel Further Gains? The EIA reported a storage build of 53 Bcf for the week ended July 4, below expectations of 61 Bcf, signaling stronger demand and helping August Nymex natural gas settle higher by 3.83% on
Market expectations for consistent East Coast temperatures in the 80s-100s have turned toward a mix of showers and 70s-80s, undercutting peak summer demand in key urban corridors that typically drive July natural gas consumption. The cooler pattern has removed immediate weather-based upside catalysts while leaving futures vulnerable to additional selling. Is the Supply-Demand Imbalance Capping
The bearish tone was underlined by strong lower-48 dry gas production, which held at 107.4 Bcf/day, up 3.3% year-on-year, while demand was notably soft at 74.0 Bcf/day, down 5.4% from a year ago. This imbalance between resilient supply and tepid demand limited the market’s ability to respond to supportive weather signals and kept upward momentum
Can Hot Summer Weather Lift Natural Gas Futures? Traders are closely watching heat trends, with NatGasWeather projecting highs in the 80s-100s across much of the U.S., and 105-115 in inland California and the Southwest. A brief break is expected later this week with showers and 70s-80s in the West and Northeast, but a return to
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Despite intermittent volatility, gold remains highly sensitive to shifts in Fed policy and global risk headlines. Traders now look to Powell’s second-day remarks and Friday’s PCE inflation data for clues on future rate moves. The prospect of lower inflation and reduced safe-haven demand continues to weigh on gold’s short-term outlook. Meanwhile, the latest Fed comments
At 13:31 GMT, XAU/USD is trading $3358.24, down $12.14 or -0.36%. Federal Reserve Pushback on Rate Cuts Weighs on Gold The latest FOMC statement reinforced the Fed’s cautious stance, maintaining rates in the 4.25%–4.50% range. However, it also reduced the number of anticipated rate cuts this year, citing a challenging economic environment. Traders trimmed long
Moreover, the 2025 GDP growth outlook was lowered to 1.4% due to uncertain trade policies and economic challenges in the US and China. Meanwhile, unemployment is expected to rise to 4.5%. These projections reflect a cautious stance, maintaining tight monetary policy and limiting gold’s rally. The US Dollar Index rebounded from the 98 support level,