Natural Gas price (XNG/USD) ticks down on Thursday for the third day in a row this week, with mounting pressure on critical support that stands before a possible steep decline.
Natural Gas dips again on Thursday, testing vital support before a steep decline. Traders see demand in Europe soar again, while the June US CPI release holds a grip on US Gas prices. The US Dollar index eases and trades below 105.00 on concerns over President Biden staying in the race. Natural Gas price ticks down on Thursday for the third day in a row this week, with mounting pressure on critical support that stands before a possible steep decline.
It becomes clear that commodity traders seek an outside catalyst to move price action in either direction. Should the CPI release be binary, expect to see a substantial move either way in Gas price on the back of the CPI outcome confirming or denying a September rate cut. The 200-day SMA is the first force to reckon with on the upside, near $2.51, closely followed by the 55-day SMA at $2.63. Once back above, the pivotal level near $3.08 remains key resistance after its false break last week.
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