Natural Gas Price (XNG/USD) remains on the back foot around $2.37 as it snaps a two-day winning streak during early Wednesday. In doing so, the XNG/USD portrays the typical market consolidation ahead of the Federal Reserve’s (Fed) monetary policy announcements.

That said, the Natural Gas Price recently reversed from the 200-SMA while staying within a 12-day-long symmetrical triangle formation.

Apart from the chart pattern suggesting sideways of the energy instrument, the sluggish MACD signals and the RSI (14) line’s retreat from the above-50.0 area also challenge the XNG/USD traders.

However, the commodity’s U-turn from the key moving average suggests an intraday decline in the price. The same highlights the 23.6% Fibonacci retracement of the XNG/USD’s fall from May 19 to June 01, close to $2.33 at the latest.

Following that, the stated triangle’s bottom line of around $2.27 will be in the spotlight as a break of which could quickly drag the Natural Gas Price towards refreshing the yearly low, currently around $2.11. It should be noted that May’s bottom of near $2.17 can act as an intermediate halt during the anticipated fall.

Alternatively, XNG/USD recovery needs validation from the 200-SMA hurdle of around $2.39, closely followed by the $2.40 round figure.

Also acting as the short-term key upside barrier for the Natural Gas price is the stated triangle’s upper line, close to $2.42 at the latest, a break of which can refresh the monthly high of around $2.43 by approaching the 50.0% and 61.8% Fibonacci retracements levels, near $2.50 and $2.57 in that order