Brent crude oil prices are maintaining stability above the support zone of $73.99 to $73.875 per barrel, which has held since February. Market analysts are closely watching the developments surrounding potential Russia-Ukraine peace talks to gauge future price movements.
Resistance levels lie at the 55-day simple moving average (SMA) of $75.15 and Friday’s high of $75.57. However, a further increase could push prices toward last Tuesday’s peak of $77.01 and the 200-day SMA at $77.22.
Gold Price Holds Strong Despite Friday’s Sell-Off
Gold prices found support at Friday’s low of $2877 per troy ounce, just above the previous low of $2864 from February 12. These lows offer short-term stability, allowing the bullish trend to persist, with targets set at last week’s all-time high of $2942 and the key psychological level of $3000.
A drop below the $2864 low could lead to further weakness, potentially testing the February 6 low of $2834.
Copper Prices Fall Back After Hitting Nine-Month High
Copper prices surged last week to $4.8368, reaching the highest level since May 2024, before retreating below the September 2024 peak of $4.7883. The region between these two highs is expected to provide support in the near term. A move beyond this range could see prices approach the May 2024 peak at $5.1985.
Support levels are seen below Friday’s sharp downturn at $4.6368, with further support at the February 11 low of $4.5408.
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