Natural Gas prices (XNG/USD) trade subdued on Thursday after facing some profit-taking on Wednesday, with traders locking in some gains on long positions taken in the past few weeks.
Natural Gas prices are falling back below $1.90. Traders are focusing on the robust Gas reserves in Europe ahead of the next heating season. The US Dollar Index fell to the lower 103.00 level after the Fed meeting. Natural Gas prices trade subdued on Thursday after facing some profit-taking on Wednesday, with traders locking in some gains on long positions taken in the past few weeks.
00 level needs to be regained first. The next key mark is the historic pivotal point at $2.12, which falls broadly in line with the 55-day Simple Moving Average at $2.05. Should Gas prices pop up in that region, a broad area opens up with the first cap at the red descending trendline near $2.27. On the downside, multi-year lows are still nearby with $1.65 as the first line in the sand. This year’s low at $1.60 needs to be kept an eye on as well.
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