Natural Gas price (XNG/USD) has given traders a nice run, rallying 40% since the end of March. This movement partially came on the back of Israel and its continuing attacks on Gaza.
Natural Gas prices are facing a substantial cap at $2.53. Geopolitical risks ease a bit while the Qatar Economic Forum gets underway. The US Dollar Index holds and consolidates above 105.00. Natural Gas price has given traders a nice run, rallying 40% since the end of March. This movement partially came on the back of Israel and its continuing attacks on Gaza. With pressure building from world leaders, calling out Israel to at least have a ceasefire, tensions are likely to ease from here.
Natural Gas Technical Analysis: End of the line Natural Gas rally trade since the end of April is running out of steam. The rally has reached the end of the line and faces a firm rejection against the 200-day Simple Moving Average at $2.53 on Tuesday. A big catalyst or driver will be needed to push through that cap on the topside. If Gas price breaks above the 200-day SMA, the $3.00 marker is the first level to watch. Once through there, the pivotal level near $3.
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