Brent crude oil price stable, gold price bid as copper price comes off 9-month high
Brent crude oil price stable, gold price bid as copper price comes off 9-month high as US is hut for Presidents’ Day holiday.
Brent crude oil price holds above support
The Brent crude oil price continues to hover above its current February $73.99-to-$73.875 per barrel support zone as analysts await the outcome of possible Russia-Ukraine peace talks.
A fall through last week's $73.875 low would be expected to target the $73.00 region.
Resistance above the 55-day simple moving average (SMA) at $75.15 and Friday's $75.57 high can be spotted at last Tuesday's $77.01 high and along the 200-day SMA at $77.22.
Gold price remains bid despite Friday’s sharp sell-off
The spot gold price found support around Friday's $2,877.00 per troy ounce low which was made marginally above its 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.
Copper price comes off nine-month high
Last week's copper price swift advance has taken it to $4.8368, a level last traded in May 2024, before slipping back below its $4.7883 September 2024 peak. The area between these two highs is expected to act as support in the day to come. Were it to be exceeded, the May 2024 peak at $5.1985 may be in sight.
Support below Friday's sharp bearish reversal candle at $4.6368 can be found at the 11 February low at $4.5408.
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