Gold Prices Approach $3,000 Amid Global Uncertainty
The spot gold price continues its record-breaking rally, edging closer to the psychological $3,000 mark as investors seek safe-haven assets. Market turbulence fueled by escalating tensions in the Ukraine-Russia conflict and tariff threats from U.S. President Donald Trump has driven strong demand for gold.
Analysts identify a support zone around $2,942 to $2,940, which may act as a temporary buffer before further movements.
WTI Crude Oil Rally Loses Momentum
The three-day bullish streak of WTI crude oil appears to have stalled due to an unexpected rise in U.S. crude inventories, suggesting a potential fourth consecutive week of stockpile growth. The supply glut has tempered upward momentum in prices.
For the rally to resume, WTI must break above the 55-day Simple Moving Average (SMA) at $72.36 and surpass Wednesday’s high of $72.87. If successful, prices could target last week’s peak of $73.64 and the 200-day SMA at $73.90. Meanwhile, strong support levels remain between $70.46 and $70.16.
Natural Gas Prices Hit Two-Year High
NYMEX natural gas futures surged past their January peak of 4,369, reaching a two-year high of 4,476 on Thursday. The sharp increase is attributed to extreme cold weather conditions, which have significantly boosted gas consumption while disrupting production, leading to supply constraints.
If bullish momentum continues, the next key resistance levels lie at 4,500 and the major psychological threshold of 5,000. However, should the market retrace, support may emerge near the January 24 high of 4,050.
Market analysts continue to monitor developments in global energy and commodity markets as geopolitical and economic factors drive price volatility.
