The spot gold price is trading at record highs and targets the psychological $3000 mark amid flight-to-safety inflows due to growing uncertainties regarding the Ukraine-Russia war and US President Trump’s tariff threats.
Support can now be spotted around the recent record highs at $2942 to $2940, which because of inverse polarity, might act as a minor support zone.
WTI rally stalls
The WTI light crude oil price seems to have ended its three-day bullish stint as a reported increase in US crude inventories, showing a potential fourth consecutive week of inventory builds, indicates ample supply.
A rise above the 55-day simple moving average (SMA) at $72.36 and also Wednesday’s high at $72.87 is needed for the recent ascent to resume. In this case, last week’s high at $73.64 and the 200-day SMA at $73.90 would likely be targeted.
Strong support remains to be seen between the early to mid-February lows at $70.46 to $70.16.
Natural gas prices hit 2-year high
NYMEX natural gas futures briefly overcame their 4369 January peak and rallied to a two-year 4476 high on Thursday amid severe cold weather which significantly increased gas consumption and also halted gas production, leading to supply reductions.
Above the 4476 level lie the minor psychological 4500 mark and the major psychological 5000 region.
As long as the January to February highs at 4369 to 4476 cap, a minor retracement back to the 24 January high at 4050 may unfold.
–IG Bank–
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