NGCUSD

U.S. natural gas futures showed limited correction movements as they attempted to sustain their gains amid cold weather forecasts and an unexpected drop in inventories. It is noted that the performance of European and U.S. stock markets could impact natural gas pricing. Increasing geopolitical risks in the U.S. and statements by Fed Chair Powell regarding interest rate policy are causing uncertainty in the markets. Particularly, the PMI data to be released in the U.S. and the UK could provide insights into the future of economic activity.

When examining the NGCUSD pair on the daily chart, prices are observed to be trading below the 3.5 - 3.535 support zone. As long as it remains below this level, downward pressure may be felt. In upward movements, the 3.63 and 3.68 levels can be monitored as resistance. The RSI indicator is at 42, indicating a negative outlook. There was a 0.09% decline compared to the previous day. If sustainability above the 3.5 level cannot be achieved, the 3.44 and 3.4 support levels may come into focus.