WTI crude oil, gold and aluminium prices recover
WTI crude oil price rises amid supply disruption while gold and aluminium prices rise on safe haven flows.
WTI extends its gains
The WTI light crude oil price extends its gains after Ukrainian drones attacked a major Russian pipeline's pumping station, disrupting Kazakhstan's crude exports; concurrently, traders monitored upcoming US-Russia peace talks in Saudi Arabia, excluding Ukraine, while OPEC+ maintained its planned supply increases, and concerns over a potential global trade war due to President Donald Trump's reciprocal tariffs so far limit further gains.
A rise above Friday's high at $71.98 per barrel is needed for the 55-day simple moving average (SMA) at $72.25 to be reached. Further up last week's high can be seen at 73.64 and the 200-day SMA at $73.97.
Good support remains to be seen between the early-to-mid-February lows at $70.46-to-$70.16.
Gold price resumes its ascent
The spot gold price is bouncing off support seen around Friday's $2,877.00 per troy ounce low with its recent highs at $2,934.00-to-$2,942.00 remaining in sight.
Below the recent $2,877.00 low lies the 12 February low at $2,864.00. While these lows underpin, the short-term uptrend remains bullish and targets last week's all-time high at $2,942.00 as well as the psychological $3,000.00 mark.
A slip through the $2,864.00 low would likely engage the 6 February low at $2,834.00.
Aluminium futures prices track higher
The price of front month aluminium futures is on track for its third straight day of gains with the February 34-month high at 262.20 remaining in sight while the January high and last week's low at 257.00-to-256.0 underpin.
A fall through this support zone may lead to the late January high at 253.30 being revisited.
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