Natural Gas Price Analysis: 100-EMA prods XNG/USD rebound near $2.75

Natural Gas Price struggles to defend corrective bounce off the lowest level in a fortnight.
Steady RSI suggests further recovery but one-week-old resistance line adds to the upside filters.
Rising trend line from June appears key support for XNG/USD bears to watch.

Anil Panchal FXStreet

Natural Gas Price (XNG/USD) clings to mild gains around $2.75 amid early Friday morning in Europe. In doing so, the energy instrument justifies the market’s indecision amid a light calendar and mixed fundamentals about the energy market, as well as a pullback in the US Dollar and the Treasury bond yields.

With this, the XNG/USD pares the weekly losses while poking the 100-day Exponential Moving Average (EMA) level of around $2.76. Not only the market’s consolidation due to the pullback in the US Treasury bond yields but a steady RSI (14) line also favor the intraday buyers of the Natural Gas Price.

Amid this plays, the XNG/USD is likely to extend the latest rebound towards crossing the 100-EMA hurdle surrounding $2.76. However, a downward-sloping resistance line from August 10, around $2.82 by the press time, restricts the further advances of the Natural Gas Price.

In a case where the XNG/USD remains firmer past $2,.82, the odds of witnessing another attept to cross the 5.5-month-old horizontal resistance surrounding $3.06-08 can’t be ruled out.

Meanwhile, a pullback in the Natural Gas Price will challenge an ascending support line from June 01, around $2.60.

However, a daily closing below $2.60 will make the XNG/USD vulnerable to declining toward July’s low of $2.48.

Overall, Natural Gas price pare weekly losses but the buyers have a long way to ride before retaking control.

Natural Gas Price: Daily chart

Trend: Limited recovery 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.

GBP/USD keeps the bid bias near 1.3550

GBP/USD leaves behind part of the recent three-day retracement and hovers around the 1.3550 region on Monday. The Greenback’s fresh downward trend helps Cable and the rest of the risk complex recoup part of the recent ground lost while attention remains on the potential Fed rate path.

EUR/USD retakes 1.1600; looks at the 200-day SMA

EUR/USD manages to gather fresh steam and advances past the 1.1600 hurdle as Monday’s NA session draws to a close. Indeed, the pair patially reverses Friday’s sharp retracement amid the renewed downside momentum in the US Dollar. Moving forward, the flash Inflation Rate in the euro zone and US JOLTs and the ISM Manufacturing should keep investors entertained on turnaround Tuesday.

Gold: Is the bullish run over?

Gold adds to Friday’s marked decline, although it has managed to bounce off earlier lows in the sub-$4,400 region per troy ounce on Monday. The yellow metal’s pullback comes despite the softer stance in the US Dollar and steady uncertainty in the Middle East, although rising yields keep bulls at bay for now.

Bitcoin and Gold Outlook: BTC clings to support, XAU slides as US-Iran tensions re-escalate

Bitcoin (BTC) maintains stability above $78,000 support on Monday as crypto prices broadly consolidate. Gold (XAU/USD), meanwhile, holds above $4,400, marking two consecutive days of declines. Sentiment in the broader cryptocurrency market remains broadly positive, with the Fear & Greed Index holding at 62 on Monday, down slightly from 69 the previous day.

Oil rallies on fresh persian gulf strikes

Energy prices are trading firmer this morning after the US carried out targeted strikes against Iran, drawing retaliatory strikes and reinforcing concerns about a prolonged stalemate in the Persian Gulf. Oil prices started the week stronger following the first military strikes between the US and Iran in a month. ICE Brent briefly moved back above US$90/bbl in early morning Asia trading.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.