Natural Gas Price Analysis: XNG/USD retreat appears elusive amid impending Golden Cross near $2.50 Gas Technical Analysis Commodities ChartPatterns SwingTrading
However, the energy instrument’s sustained trading beyond the 200-SMA and 50-SMA, as well as the previous horizontal resistance, now the key support zone, keeps the Natural Gas buyers hopeful. Adding strength to the upside bias is the firmer conditions of the RSI line, not overbought.
Even if the quote slips beneath the looming bullish moving average crossover, around $2.37 by the press time, a horizontal area comprising multiple levels marked since April 11, close to $2.36-35, appears a tough nut to crack for the XNG/USD bears. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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