Natural Gas (XNG/USD) trades flat in a narrow range on Wednesday, digesting the overnight headlines that came out about lingering tensions in the Middle East.
Natural Gas prices are steady on Wednesday but futures on European markets jump. Markets see tensions simmer amid uncertainty about Israel’s retaliation against Iran. The US Dollar Index consolidates after Fed Chairman Powell confirms delay in interest-rate cuts. Natural Gas trades flat in a narrow range on Wednesday, digesting the overnight headlines that came out about lingering tensions in the Middle East.
With headline risk at hand, expect the main support barriers to remain unchallenged. On the upside, the red descending trend line at $1.99-$2.00 looks ready for another test. Should Gas prices snap above it, a quick rally to $2.11 could be seen. Not that far off, $2.15 in the form of the 100-day Simple Moving Average becomes the main resistance level. On the downside, the 55-day SMA around $1.88 should be a safety net. Next, the green ascending trend line near $1.
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