Gold prices soared to a new all-time high, while crude oil faced renewed selling pressure, raising concerns about further declines below $70 per barrel.
Gold Extends Rally Amid Strong Demand
Gold prices continued their upward momentum, surpassing $2,880 and peaking at $2,940 before a slight pullback. The surge was fueled by investor demand for safe-haven assets amid global economic uncertainty.
Analysts note that a break above $2,915 could push gold toward the $2,950 mark. However, key support levels remain at $2,885 and $2,878. A breach below these levels may lead to a correction toward $2,855.
Crude Oil Struggles Below $73.50, Risks Further Declines
WTI crude oil prices failed to maintain momentum above $73.50, leading to a downward move below $71.50. The price dropped to $70.12, with analysts warning of potential declines below the psychological $70.00 level.
Technical indicators suggest that crude oil may continue its downward trajectory if it fails to break past the $71.00 resistance. In a worst-case scenario, prices could drop toward $68.80 and possibly $66.50 in the coming days.
The ongoing volatility in energy markets reflects concerns over global demand and geopolitical developments, keeping traders on high alert.
