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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​​Silver, natural gas prices rise while Brent crude oil price remains under pressure​

​​​Silver, natural gas prices rise while Brent crude oil price remains under pressure despite heightened tensions in the Middle East.​​

Natural gas Source: Adobe images

​​​Silver price stays bid

​The price of spot silver continues to be side-lined but is considered to be bid while Wednesday’s low at $27.18 per troy ounce underpins. For the bulls to be back in control a rise and daily chart close above this week’s high at $28.05 needs to occur, though. In this case the mid-to-late June lows at $28.58 to $28.66 would be eyed but may cap.

​Unexpected failure today at $27.18 would probably re-engage the early August low and 200-day simple moving average (SMA) at $26.46.

Silver chart Source: IT-Finance.com
Silver chart Source: IT-Finance.com

​Brent crude oil price remains under pressure

​The price of Brent crude oil, having earlier this week run out of steam at 81.97 on the front month futures contract, marginally below the 200-day SMA at 82.12, remains under pressure.

​A fall through Wednesday’s low at 79.23 on a daily chart closing basis, could lead to the late July low at 77.95 being revisited.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Natural gas prices flirt with technical resistance

​Front month natural gas futures prices are being capped by the 200-day SMA at 2.342, having peaked at 2.350 on Wednesday. These levels remain in sight, though, and a rise above these could re-engage the 55-day SMA at 2.461 and also the late May low at 2.533.

​Immediate upside pressure should be maintained while Tuesday’s low at 2.214 underpins.

Natural gas chart Source: IT-Finance.com
Natural gas chart Source: IT-Finance.com

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