Gold and oil give back recent gains
Gold and Brent crude oil pare some of their recent gains as investors continue to worry over possible supply disruptions due to the war in Ukraine and an attack on Saudi Arabian oil facilities.
Gold remains below its $1,959 to $1,974 resistance zone
Gold continues to range trade between Thursday’s high at $1,949 and yesterday’s low at $1,918 with the latter being eyed while the former caps as traders continue to assess the war in Ukraine which is about to enter its second month.
A slip through its recent low at $1,918 would most likely lead to last week’s low and the 61.8% Fibonacci retracement of the February-to-March advance at $1,895 to $1,890 being revisited. Slightly further down sits the 24 February low at $1,879.
Above Thursday’s high at $1,949 the significant $1,959 to $1,974 resistance area can be found. It encompasses the September and November 2020, January 2021, and February 2022 highs and as such is likely to cap.
Brent’s bounce off four-month uptrend line running out of steam
Brent crude oil’s recovery from it four-month uptrend line at $96.61 led to a 20% rise in its price in under a week amid ongoing talks by the European Union (EU) to ban Russian oil imports and attacks on Saudi Arabian oil facilities by Yemen Houthis.
The oil price has risen to the $116.48 to $119.06 resistance zone which contains the 3 and 10 March as well as today’s high and acts as minor resistance. While this resistance area caps, a slide back towards the 4 March $109.02 low is to be seen with the next lower 9 March low at $104.25 representing another downside target.
Further down sits the 24 February high at $102.58 above the minor psychological $100 mark. Were the 3 March high at $119.06 to be exceeded, however, the early March high at $131.51 would be back in focus.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
