Gold price hits record high, natural gas over 2-year high while oil price dips
Gold hits record high amid heightened US tariff threat, Ukraine uncertainties, natural gas rises to over 2-year high as extreme cold weather increases demand and throttles supply while oil price dips amid higher inventories.
Gold price hits new record high
The spot gold price is trading in record highs and targets the psychological $3,000.00 per troy ounce mark amid flight-to-safety inflows due to growing uncertainties regarding the Ukraine-Russia war and US President Trump's tariff threats.
Support can now be spotted around the recent record highs at $2,942.00-to-$2,940.00, which because of inverse polarity, might act as a minor support zone.
WTI rally stalls
The WTI light crude oil price seems to have ended its three-day bullish stint as a reported increase in US crude inventories, showing a potential fourth consecutive week of inventory builds, indicates ample supply.
A rise above the 55-day simple moving average (SMA) at $72.36 per barrel and also Wednesday's high at $72.87 is needed for the recent ascent to resume. In this case, last week's high at 73.64 and the 200-day SMA at $73.90 would likely be targeted.
Strong support remains to be seen between the early-to-mid-February lows at $70.46-to-$70.16.
Natural gas prices hit 2-year high
NYMEX natural gas futures briefly overcame their 4.369 January peak and rallied to a two-year 4.476 intraday on Thursday amid severe cold weather which significantly increased gas consumption and also halted gas production, leading to supply reductions.
Above the 4.476 level lie the minor psychological 4.500 mark and the major psychological 5.000 region.
As long as the January-to-February highs at 4.369-to-4.476 cap, a minor retracement back to the 24 January high at 4.050 may unfold.
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