Commodities Markets Fluctuate: Natural Gas Downtrend, Oil Breakout

The commodities market is experiencing significant fluctuations in prices and trends. Natural gas (NG) on NYMEX has been in a weekly downtrend, with bears still in control despite a slight trend line break. The key support levels for natural gas are identified at $2.4 and $2.6.

Oil (CL) has broken out of a higher low pivot, shifting into a neutral trend. Geopolitical tensions have had an impact on oil prices, but experts believe that a 'shallow pullback' is necessary to maintain bullish momentum.

The US Dollar (DXY) continues to trade within a long-term megaphone pattern. The dollar's 2027 rate cut probabilities are being closely watched ahead of the upcoming FOMC meeting.

Gold (GC) has shown signs of a rare weekly downtrend, having broken out of a rising wedge. If support at $4131 fails, it could indicate a long-term top in gold prices.

Silver (SI), on the other hand, is showing relative weakness compared to gold. The falling wedge pattern suggests that silver's daily uptrend relies heavily on holding onto the critical $72.5 level.