Gold price pushes higher and silver price stabilises, but Brent crude price comes under more pressure
The selling continues in oil prices, as Brent falls to its lowest level in eight weeks, but gold is moving higher and silver’s losses have been stopped for now.
Gold looks for more gains
Spot gold continues to form a higher low above the 50-day simple moving average (SMA).
Continued price action above the 50-day SMA will reinforce the view that a low has formed and that a new push towards the recent highs can begin.
This view will be negated if the price closes back below $2350.
Silver losses halted for now
Losses here have halted for now, after the spot silver price slumped through the $28.70 support zone last week.
A recovery above $28.70 could put the price back on course to test the 50-day SMA and then the July highs at $31.00.
For the moment, $27.60 appears to be holding as support, though a close below this opens the way to the May lows around $26.15.
Brent hits two-month low
Oil prices have continued to fall, with Brent crude oil touching its lowest level in almost two months.
The price has given back most of the gains made in June, and is still on course to test the June lows. This also marks the February low, so a close below this would take the price right back to levels last seen in January.
So far, there is little sign of any bounce materialising, but a close above $80.00 might indicate that a low is in for the time being.
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