Natural Gas Price Forecast: recovers off 10-EMA to gain around $2.37

Natural Gas (XNG/USD) price gains at $2.37 as XNG/USD bears lick their wounds in the early hours of Friday. As a result, the energy instrument rebounds from the 10-Extended Moving Average (EMA) while also validating the coming bull cross on the MACD indicator.

However, the double peaks at $2.43, followed by the 50-EMA barrier of $2.45, presented a challenge to Natural Gas buyers.
It should be noted that the XNG/USD rally over $2.45 allows energy bulls to target the 50% Fibonacci retracement of its March-April collapse, which is around $2.60.

Following that, the previous monthly high of roughly $2.81 attracts considerable attention as the last line of defense for XNG/USD buyers. On the other hand, a daily close below the 10-EMA level of $2.35 isn't an open invitation to Natural Gas bears.

However, a one-week-old rising support line at $2.33 may test the XNG/USD bears later. Above all, Natural Gas buyers are wary ahead of a daily closing below a two-month-old rising support line, which is now close to $2.18.