Gold price hits new record high, silver near 3-year high while WTI comes off 6-month high
The oil price gapped lower on Monday morning amid easing tensions in the Middle East while gold and silver prices continue to rally.
WTI comes off six-month highs as Middle east tensions ease
WTI crude oil front month futures prices have come off last week’s 87.22 six-month highs as tensions in the Middle East are easing with Israel being pressured to withdraw more troops from Southern Gaza and peace talks with Hamas are restarting in Egypt. Front month WTI futures gapped lower and slid to Monday’s intraday low at 84.25 before trying to fill their gap with Friday’s 85.98 low. A fall through 84.25 would put the 83.12 mid-March high back on the cards.
Gold price hits new record high
Spot gold has been rising for nine straight days, bar one, on heightened geopolitical tensions with it hitting a new record high at $2,354 per troy ounce. Further upside is in store while Friday’s low at $2,268 underpins. Above this level minor support can be seen at Monday’s intraday low at $2,303. Above the current $2,354 all-time high lies the $2,400 region.
Silver price rises to levels last seen in June 2021
The strong rally in the spot silver price has taken it to levels last traded in June 2021, to Monday morning’s $28.09 per troy ounce high. Above it lies the May 2021 peak at $28.75. Good support below Monday’s $26.87 intraday low sits at Friday’s $26.29 low.
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