WTI, gold and silver prices rally on fears of escalation in the Middle East
Fears of escalation in the Middle East lead to rise in oil, gold and silver prices.
WTI rallies as fears of Middle East escalation increase
The WTI crude oil front month futures prices, which slid to a near two-week low at 83.60 on hopes of de-escalation in the Middle East, is heading back up again as an Israeli military response to Iran’s attack on its territory over the weekend looks to be in the offing. Front month WTI futures formed potentially bullish hammer on the daily candlestick chart which will only be validated by a daily chart close above Monday’s high at 85.54. In this case, the recent highs at 87.13 to 87.22 will be back in sight. Minor support can be found around last week’s 84.10 low. A fall through it would put the 83.12 mid-March high back on the cards.
Gold price attempts new record high
Spot gold, which on Friday hit a new all-time record high at $2,431 per troy ounce on heightened geopolitical tensions in the Middle East and consolidated below this level and dropped to $2,325 on hopes of de-escalation on Monday, is once again rallying on fears of an attack by Israel on Iran. A rise above Monday’s high at $2,392 would push last week’s record high at $2,431 back to the fore. Minor support lies at the 9 April high at $2,365.
Silver price trades at levels last seen in February 2021
The strong rally in the spot silver price has taken it to levels last traded in February 2021, to Friday’s $29.79 per troy ounce high, made close to the $29.86 August 2020 peak and the $30.09 February 2021 high on escalating Middle East tensions. These levels will be back in sight, should a rise above Monday’s high at $28.98 occur. Minor support below Wednesday’s $28.52 high can be spotted at its $27.53 low.
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