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.

EUR/USD seems fragile below 1.1700 as Middle East war boosts energy prices

The EUR/USD pair trades flat at around 1.1680 during the Asian trading session on Tuesday, but broadly seems vulnerable, being close to its five-week low. The major currency pair is under pressure as surging oil prices due to the United States-Israel war with Iran have increased the risks of higher inflation for the Old Continent.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold stays bullish as Iran war continues to spur safe-haven flows

Gold is finding renewed bids in Asian trades on Tuesday, making another attempt to regain the $5,400 level amid persistent demand for safe-haven assets as the Iran war extends. A softer risk tone remains in play as US President Donald Trump continues to threaten deeper escalation to the ongoing war with Iran, warning that a “big wave” is yet to come.

Top Crypto Gainers: Near Protocol, Virtuals Protocol, and Morpho lead market recovery

Near Protocol, Virtuals Protocol, and Morpho are leading the market recovery with double-digit gains over the last 24 hours. Technically, NEAR extends the breakout of the falling channel pattern, VIRTUAL holds above the 50-day EMA, while MORPHO tests a crucial resistance.

The market is not panicking it is repricing the probability distribution of Oil and time

At the end of the day, markets do not trade morality or geopolitics. They trade transmission channels. And the only channel that truly matters in this maelstrom runs through the price of energy and the time value of money.

Grass 20% bullish breakout defies broader market weakness

Grass (GRASS) is edging up above $0.30 at the time of writing on Monday. The token’s notable 20% intraday surge stands out amid heightened volatility in the broader crypto market.