WTI crude oil, gold and aluminium prices recover
WTI crude oil price rises amid supply disruption while gold and aluminium prices rise on safe haven flows.
WTI extends its gains
The WTI light crude oil price extends its gains after Ukrainian drones attacked a major Russian pipeline's pumping station, disrupting Kazakhstan's crude exports; concurrently, traders monitored upcoming US-Russia peace talks in Saudi Arabia, excluding Ukraine, while OPEC+ maintained its planned supply increases, and concerns over a potential global trade war due to President Donald Trump's reciprocal tariffs so far limit further gains.
A rise above Friday's high at $71.98 per barrel is needed for the 55-day simple moving average (SMA) at $72.25 to be reached. Further up last week's high can be seen at 73.64 and the 200-day SMA at $73.97.
Good support remains to be seen between the early-to-mid-February lows at $70.46-to-$70.16.
Gold price resumes its ascent
The spot gold price is bouncing off support seen around Friday's $2,877.00 per troy ounce low with its recent highs at $2,934.00-to-$2,942.00 remaining in sight.
Below the recent $2,877.00 low lies the 12 February low at $2,864.00. While these lows underpin, the short-term uptrend remains bullish and targets last week's all-time high at $2,942.00 as well as the psychological $3,000.00 mark.
A slip through the $2,864.00 low would likely engage the 6 February low at $2,834.00.
Aluminium futures prices track higher
The price of front month aluminium futures is on track for its third straight day of gains with the February 34-month high at 262.20 remaining in sight while the January high and last week's low at 257.00-to-256.0 underpin.
A fall through this support zone may lead to the late January high at 253.30 being revisited.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
