Natural Gas Price Analysis: Falling wedge lures XNG/USD bulls but $2.76 guards immediate recovery

Anil Panchal FXStreet

Natural Gas Price picks up bids to extend late Friday’s rebound from two-week low within bullish chart pattern.

Convergence of 50-EMA, falling wedge’s top line challenges XNG/USD buyers.

Sluggish oscillators suggest continuation of upward grind; sellers need validation from 11-week-old support line.

Natural Gas Price (XNG/USD) clings to mild gains around $2.72–73 during early Monday as it stretches the late Friday’s corrective bounce amid a sluggish Asian session. In doing so, the energy instrument also justifies the market’s cautious optimism, as well as a pullback in the US Dollar Index (DXY).

Also read: US Dollar Index: DXY retreats towards 103.00 on Friday’s Doji, Fed remarks at Jackson Hole eyed

It’s worth noting that the recently sluggish MACD signals and the RSI (14) line’s grinding near the 50.0 level suggest the XNG/USD’s further advances.

However, a convergence of the 50-Exponential Moving Average (EMA) joins a top-line of the two-week-old falling wedge bullish chart formation to highlight the $2.76 as a tough nut to crack for Natural Gas buyers.

June’s top and the monthly high, respectively near $2.93 and $3.07, can test the XNG/USD buyers before directing them toward the theoretical target of around $3.11.

On the contrary, the stated wedge’s bottom line, close to $2.63 by the press time, restricts the immediate downside of the Natural Gas Price.

Following that, an ascending support line from early June, around $2.59 as we write, will act as the last defense of the XNG/USD bulls.

Overall, the Natural Gas Price is expected to improve but the upside appears limited.

Natural Gas Price: Four-hour chart

Trend: Limited upside 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 slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD declines to near 1.1400 as softer German inflation undercuts ECB hike bets

The EUR/USD pair loses momentum to near 1.1410 during the early Asian trading hours on Wednesday, pressured by receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone and US Manufacturing Purchasing Managers Index report, which are due later in the day.

Gold's path of least resistance remains to downside ahead of Warsh

Gold comes under renewed selling pressure early Wednesday and gives up $4,000 yet again. The US Dollar stands tall on surging USD/JPY, Mideast woes and hawkish Fed bets. Gold remains poised to crack November 2025 lows near $3,930 amid bearish technicals.

Stellar, Pyth Network extend rebound amid broader market stress

The broader cryptocurrency market remains heavy, with Bitcoin trading below $59,000 at press time on Wednesday, as US President Donald Trump weighs an all-out war with Iran but opts for diplomatic talks. Meanwhile, Stellar and Pyth Network emerge as bullish outliers over the last 24 hours.

Why a hawkish Bank of Japan could trigger the next Bitcoin sell-off

The Japanese Yen hits a 40-year low of 162.00 against the US Dollar, raising concerns about intervention or additional rate hikes by the Bank of Japan. BoJ may sell US Treasuries to buy back Yen, potentially pushing US bond yields higher and making Bitcoin less attractive to investors.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.