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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

​​​Oil, gold and silver prices rise on heightened geopolitical tensions

​​Outlook on WTI, gold and silver amid ongoing attacks in the Red Sea shipping lane.

Gold and silver Source: Bloomberg

​​​WTI rallies on supply disruption fears

​Front month West Texas Intermediate (WTI) futures rallied by over 6% from Wednesday’s 69.41 low amid heightened geopolitical tensions in the Middle East. The futures contract is now testing Tuesday high at 73.70. A rise above this minor resistance level would likely engage the 8 November low at 74.92 as well as the September-to-January downtrend line at 75.20.

​Minor support below Thursday’s 72.97 low can be found around Friday’s 72.67 high and also at the 72.38 mid-November low.

US Crude Daily Source: ProRealTime
US Crude Daily Source: ProRealTime

​Gold price stems decline

​Spot gold’s drop from its $2,088 late-December high amid a stronger US dollar took it to Wednesday’s $2,031 low from where it is trying to regain recently lost ground.

​The mid-December high at $2,048 is currently being tested, a rise above which would eye the 21 December high, Friday and Tuesday’s lows at $2,055 to $2,059.

​Support sits at Wednesday’s $2,031 low.

Spor Gold daily Source: ProRealTime
Spor Gold daily Source: ProRealTime

​Silver price sell-off is taking a breather

​Spot silver’s swift decline from its late-December high at $24.60 per troy ounce on the back of an appreciating US dollar took it to Wednesday’s $22.84 low, to marginally above its $22.51 December trough which should act as support. Below it lies the November low at $21.89.

​Minor resistance can be spotted around the 9 November high at $22.99.

Spot Silver daily Source: ProRealTime
Spot Silver daily Source: ProRealTime

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European Central Bank meeting

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