Gold and oil prices give back more of their recent gains
Both the gold and oil prices continue to decline from last week’s multi-year highs as traders assess the ongoing war in Ukraine.
Gold hits 50% retracement of February to March advance
Gold continues to rapidly come off last week’s $2,070 per troy ounce high as investors brace for a key Federal Reserve policy on Wednesday and mull the war in Ukraine which is now in its third week.
The precious metal has now broken through its two-month uptrend line at $1,947 and hit the 50% retracement of the February to March advance at $1,926. Downside targets are the $1,916 May 2021 high, the 61.8% Fibonacci retracement at $1,890 and the 24 February low at $1,879 with resistance coming in at the $1,950 1 March high and also the 38.2% Fibonacci retracement at $1,960.
Further, more significant, resistance sits between the $1,973 to $1,975 September 2020 and February 2022 highs.
WTI slides to four-month uptrend line which may offer support
WTI has dropped over 20% from last week’s $126.74 multi-year high and now weighs on its four-month uptrend line at $95.40 as investors assess the impact the ongoing war in Ukraine may have on supply issues.
Together with the $94.04 mid-February high, the uptrend may offer short-term support. If slipped through, however, the 25 February low and 55-day simple moving average (SMA) at $90.40 to $89.68 would be next in line.
Resistance can be spotted between the 24 February high and the 9 March low at $100.09 to $101.18.
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