Gold Silver Reports – Natural gas prices attempted to bounce, but were rejected after breaking down on Thursday in the wage of an unexpected draw in natural gas inventories reported by the Energy Information Administration.
Prices were under pressure following a report from the National Oceanic Atmospheric Administration which forecasts that the weather will be warmer than normal for most of the United States for the next 8-14 days.
Read More: MCX Natural Gas Trading Zone Keys
Natural Gas Momentum is Negative
Natural gas prices rebounded back to resistance which was former support near an upward sloping trend line that comes in near 2.85. Support is seen near October lows at 2.72. A break of this level would likely generate a test of support near the February lows at 2.52. Momentum is negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices. — Neal Bhai Reports
