NGCUSD

U.S. natural gas futures are exhibiting significant price movement due to upcoming inventory data and weather forecasts. Natural gas prices may be influenced by developments on U.S. and European exchanges and the inventory figures to be released by the U.S. Energy Information Administration. If inventory data comes in below expectations, it could create upward pressure on prices. Meanwhile, election uncertainty in the U.S. and concerns about the Chinese economy are also being closely monitored in the market.

Technically, the NGCUSD pair has found strong support at the 2.91 and 2.88 levels on the daily chart. Resistance levels at 3.00 and 3.04 are being monitored in upward movements. The RSI indicator is at 45, displaying a neutral stance. The pair has increased by 0.51% compared to the previous day, continuing its upward trend. In this scenario, as long as it remains above the 2.91 level, upward movements are expected to be in the foreground. However, if it dips below the 2.88 support, levels of 2.85 may come into focus.