Commodities in Flux: Natural Gas, Oil, Dollar, Gold, and Silver Prices Under Pressure
The Italian PSV Natural Gas Daily Financial Futures, tracked by ICIS, has seen some volatility recently. According to an analysis on TradingView, the current weekly downtrend in natural gas prices suggests that bears are still in control. Despite a slight trend line break, key support levels remain at 2.4 and 2.6.
In other commodities, oil has moved into a neutral trend after breaking a higher low pivot, which could indicate a 'shallow pullback' to maintain bullish momentum. Geopolitical tensions are still a concern for the oil market.
The US dollar continues to trade within a long-term megaphone pattern, with analysis pointing to 2027 rate cut probabilities and the impact of the upcoming FOMC meeting. Meanwhile, gold has shown signs of a rare weekly downtrend after breaking from a rising wedge, with levels to watch for a potential long-term top at 4131.
Lastly, silver is showing relative weakness compared to gold, with a falling wedge pattern and a critical level of 72.5 that needs to hold to maintain the daily uptrend.