Oil, gold and silver prices rise on heightened geopolitical tensions
Outlook on WTI, gold and silver amid ongoing attacks in the Red Sea shipping lane.
WTI rallies on supply disruption fears
Front month West Texas Intermediate (WTI) futures rallied by over 6% from Wednesday’s 69.41 low amid heightened geopolitical tensions in the Middle East. The futures contract is now testing Tuesday high at 73.70. A rise above this minor resistance level would likely engage the 8 November low at 74.92 as well as the September-to-January downtrend line at 75.20.
Minor support below Thursday’s 72.97 low can be found around Friday’s 72.67 high and also at the 72.38 mid-November low.
Gold price stems decline
Spot gold’s drop from its $2,088 late-December high amid a stronger US dollar took it to Wednesday’s $2,031 low from where it is trying to regain recently lost ground.
The mid-December high at $2,048 is currently being tested, a rise above which would eye the 21 December high, Friday and Tuesday’s lows at $2,055 to $2,059.
Support sits at Wednesday’s $2,031 low.
Silver price sell-off is taking a breather
Spot silver’s swift decline from its late-December high at $24.60 per troy ounce on the back of an appreciating US dollar took it to Wednesday’s $22.84 low, to marginally above its $22.51 December trough which should act as support. Below it lies the November low at $21.89.
Minor resistance can be spotted around the 9 November high at $22.99.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
European Central Bank meeting
Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.