The price of Brent crude oil remains steady, hovering above its February support zone between $73.99 and $73.875 per barrel, as analysts closely monitor the potential outcome of ongoing Russia-Ukraine peace talks. The market is testing resistance levels, with the 55-day simple moving average (SMA) at $75.15 and the recent high of $75.57, with further resistance at the $77.01 high from last Tuesday and the 200-day SMA at $77.22.
Meanwhile, gold continues to see strong demand despite a sharp sell-off last Friday. The price found support near $2877 per troy ounce, slightly above the February 12 low of $2864. As long as these levels hold, the short-term uptrend remains intact, targeting last week’s record high of $2942 and potentially reaching the psychological $3000 mark. A drop below $2864 would likely shift focus to the February 6 low at $2834.
Copper prices, after a swift climb to $4.8368 last week — a level not seen since May 2024 — have retreated, slipping below the September 2024 peak of $4.7883. The range between these two highs is expected to provide support in the short term, with a potential test of the May 2024 high at $5.1985 if upward momentum continues. On the downside, support lies at Friday’s bearish reversal candle at $4.6368, with further support at the February 11 low of $4.5408.
The U.S. market remains quiet as the Presidents’ Day holiday leads to lower trading volumes, contributing to a cautious market sentiment.
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