Gold Tests Resistance At $1800

In case gold manages to settle above the $1800 level, it will head towards the next resistance at $1815. A successful test of the resistance at $1815 will push gold towards the $1830 level.

On the support side, a move below $1800 will open the way to the test of the support level at $1785. If gold declines below this level, it will move towards the next support at $1775.

Other precious metals have also gained material upside momentum in today’s trading session. Silver managed to get above the $23.50 level. Platinum moved towards $1035, while palladium settled near the $1950 level.

WTI Oil Remains Under Pressure

WTI oil made an attempt to settle above the $73 level but lost momentum and pulled back below $71.50.

Oil traders stay focused on the potential weakness of oil demand in the upcoming months. The market does not believe that Russian oil exports will decline as a result of the oil price cap scheme.

If traders stay focused on recession risks, WTI oil will have a good chance to test the psychologically important $70 level.

Natural Gas Gains Ground As Traders Bet On Rising Demand

Natural gas tested the $6.40 level as the rebound continued. Traders expect that colder weather will boost demand for natural gas.

In case natural gas manages to settle above the resistance level at $6.40, it will gain additional upside momentum and move towards the next resistance, which is located at $6.75.

Copper Is Mostly Flat Ahead Of The Weekend

Copper made another attempt to settle above the $3.90 level but failed to develop sufficient upside momentum and settled near $3.88. China’s gradual re-opening remains the key driver for copper markets, and copper has a decent chance to test the $4.00 level in the next few weeks.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.

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