Natural Gas Technical Analysis: CPI catalyst underway
Natural Gas price stabilizes near the crucial support area at $2.30 ahead of June’s US CPI release. 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 (March 6, 2023, high) remains key resistance after its false break last week.
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