So far-- and not particularly from an intuitive perspective--Natural Gas is reacting negatively to the geopolitical tensions as oil, gold, and copper react positively.
To be fair, however, we have to realize that from its Aug 8 low at 3.129 into the Aug 22 high at 3.562, Natural Gas appreciated by nearly 14%, which means it was due for a digestion/corrective period.
As of this moment, the pullback has retraced about 25% of the original upmove, with 40% retrace support at 3.395, and 50% support at 3.344.
In other words, lack of upside follow-through in the aftermath of a 14% upmove in a two-week period, does not diminish my bullish outlook for Natural Gas.
In fact, if Natural Gas presses into the 3.40-3.35 area, I will be looking to add to my long position in anticipation of another upleg towards 3.70.