- Gold is attempting a rebound after testing critical technical levels, while oil surged on a major Norwegian production halt and geopolitical tensions.
Gold is poised to break a six-session losing streak after testing its 100-day moving average last week. The next potential target lies near the 50-day moving average at $2,654.
WTI crude oil futures surged 3% to $69 per barrel on Monday after Norway’s Johan Sverdrup oilfield, the largest in Western Europe, halted production due to an onshore power outage.
Both gold and oil prices were further supported by escalating tensions in the Russia-Ukraine conflict. Russia launched its most extensive air strike in nearly three months, targeting and significantly damaging Ukraine’s power infrastructure.
