Natural Gas Price Analysis: XNG/USD edges higher within bearish triangle, $2.59 in the spotlight

Natural Gas picks up bids to reverse the previous weekly loss within a bearish chart formation.
Sustained trading beyond 100-SMA, mixed oscillators keep XNG/USD bears hopeful.
Clear downside break of $2.59 could convince Natural Gas sellers to refresh monthly low.

Anil Panchal FXStreet

Natural Gas Price (XNG/USD) remains mildly bid near $2.68 amid early Monday morning in Asia. In doing so, the XNG/USD pares the previous weekly loss with mild losses, up 0.45% intraday, as sellers flex muscles within bearish chart formation.

That said, the XNG/USD’s sluggish MACD signals join the gradually improving XNG/USD price. However, the Natural Gas buyers need validation from the downward-sloping resistance line stretched from late June, close to $2.77 by the press time.

Following that, the XNG/USD run-up towards the previous monthly high of around $2.93 and March’s peak of near $3.08 will be in the spotlight.

On the contrary, a clear downside break of the 100-SMA, around $2.65 at the latest, becomes necessary for the XNG/USD bears to retake control.

Even so, the Natural Gas trading beneath the stated triangle’s bottom line, close to $2.59 at the latest, will be a tough nut to crack for the energy instrument before giving them control.

Following that, $2.43 and the previous monthly low of around $2.17 may test the XNG/USD bears before directing them to the theoretical target of below the $2.00 psychological magnet, close to $1.90.

Overall, XNG/USD remains bearish but the downside move needs validation from $2.59 to convince the energy bears.

Natural Gas Price: Four-hour chart

Trend: Limited downside 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 weakens below 1.3250 on UK political risks, BoE repricing

The GBP/USD pair trades in negative territory around 1.3245 during the early Asian trading hours on Wednesday. Traders await the UK political developments, focusing on potential leadership by Andy Burnham and adherence to existing fiscal rules. Bank of England Governor Andrew Bailey is set to speak later in the day. On Thursday, all eyes will be on the US jobs data for June.

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.

Bitcoin drops near $58K as ETF outflows surge, downside risks persist

Bitcoin could see a short-term relief from heavy selling pressure as quarter-end portfolio rebalancing could potentially revive spot BTC exchange-traded funds inflows, according to a K33 report on Tuesday.

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.