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Natural gas<\/a> continues to advance towards higher targets as it rises above Thursday\u2019s high. It looks like it should close above it. It will end the week at its highest weekly closing price since late-February.<\/p>\n<\/div>\n<\/div>\n Also, yesterday\u2019s high was at the 78.6% Fibonacci retracement, which has now been exceeded. The next price target is the swing high at 2.69 from May. Once exceeded to the upside natural gas is on track to hit a target zone of 2.77 to 2.83.<\/p>\n<\/div>\n<\/div>\n That target zone is identified through a variety of analysis. A large ABCD pattern completes at 2.79, the 100-Day EMA is at 2.79, and the 78.6% Fibonacci retracement is at 2.80. If natural gas keeps rising above 2.83 it is likely heading towards a higher target zone from around 2.97 to 3.03.<\/p>\n As noted, this week should end with the highest weekly closing price since the high week of the first rally off the bottom in February. This is a sign that the developing bottom is making some progress. It is now in its fifth month consolidating near the lows of the downtrend. If June can close above February\u2019s close of 2.75, it will be the highest monthly close in five months. That would provide another bullish sign and confirmation of strength for natural gas.<\/p>\n The prior three rallies off the lows of the last several months saw natural gas advance by 53.9% (1), 29.7%, and 32.2%. As of today, the current rally was up 24.2% as of today\u2019s 2.65 high. The current advance reaches will be up 29% at 2.77. Let\u2019s remember that gold has a bullish 12-year basing period on its chart. It broke out to new record highs on May 4, then pulled back to where we are now. The next attempt at new highs could see gold be successful at holding the highs and continuing to advance from there. If this bullish scenario unfolds, current prices for gold may be near the lowest prices that will be seen for some time. So, it deserves to be watched carefully.<\/p>\n For a look at all of today\u2019s economic events, check out our\u00a0economic calendar<\/a>. <\/b><\/p>\n<\/div>\n<\/div>\nTarget Zone Confirmed by Multiple Analysis<\/h2>\n
Highest Weekly Close Since February<\/h2>\n
Prior Rallies Provide Clues<\/h2>\n