Spot gold prices are trading at record highs, nearing the psychological $3,000 mark, as investors seek safety amid escalating uncertainties surrounding the Ukraine-Russia war and renewed tariff threats from former U.S. President Donald Trump.
Support is now seen around the recent peak at $2,942–$2,940, which, due to inverse polarity, may act as a minor support zone.
WTI Rally Stalls Amid Rising U.S. Crude Inventories
WTI crude oil prices have paused their three-day rally as reports of a fourth consecutive week of inventory builds signal ample supply.
For the uptrend to resume, a decisive break above the 55-day simple moving average (SMA) at $72.36 and Wednesday’s high of $72.87 is needed. In that scenario, last week’s high of $73.64 and the 200-day SMA at $73.90 could be the next targets.
Strong support remains between the early to mid-February lows of $70.46–$70.16.
Natural Gas Surges to Two-Year High on Supply Disruptions
NYMEX natural gas futures briefly surpassed their January peak of 4,369, hitting a two-year high of 4,476 on Thursday. The surge was driven by extreme cold weather, which significantly increased demand while disrupting production.
Above the 4,476 level, the next resistance lies at the minor psychological 4,500 mark and the major 5,000 region.
However, if the January–February highs at 4,369–4,476 hold as resistance, a pullback toward the January 24 high of 4,050 may unfold.
— IG Bank
