Natural Gas Price Analysis: XNG/USD eyes further downside, $2.31 is the key for bear’s conviction

• Natural Gas price prints the first daily loss in four, retreats from one-week high.
• XNG/USD eases from three-week-old descending resistance line, 100-SMA.
• Weekly support line, 200-SMA prods Natural Gas sellers before giving them control.
• Easing bullish bias of MACD, RSI (14) line’s retreat keep XNG/USD bears hopeful.

Natural Gas (XNG/USD) Price remains pressured around $2.34 during the first loss-making day in four amid early Wednesday.

In doing so, the energy instrument marks a U-turn from a downward-sloping resistance line from April 19, 2023, as well as a decline below the 100-SMA.

That said, the receding bullish bias of the MACD and the RSI (14) retreat adds strength to the pullback moves of the Natural Gas price.

As a result, the XNG/USD is likely to break the weekly support line, around $2.34 by the press time.

Following that, the 200-SMA level of around $2.31 can act as the last defense of the Natural Gas buyers, a break of which won’t hesitate to challenge the monthly low of around $2.14.

Meanwhile, an upside clearance of the 100-SMA and the aforementioned resistance line, respectively near $2.37 and $2.40 can recall the Natural Gas buyers targeting the previous monthly high of around $2.58.

It’s worth noting that the XNG/USD price remains unconvincing to Natural Gas buyers unless the quote remains firmer past the mid-March swing high of around $2.75.

Overall, the Natural Gas Price is likely to remain depressed despite the latest sluggish moves.

Natural Gas Price: Four-hour chart

Trend: Further weakness expected