Brent crude oil price recovery underway with gold and silver prices rising as well
A weaker US dollar ahead of Thursday’s US CPI data release is helping the Brent crude oil, gold and silver prices to rise.
Brent crude oil price bounces off near 1-month low
Brent crude oil front month futures revisited their late June low before bouncing off their 83.70 Wednesday low towards the 3 July low at 85.74. Above it lies last week’s high at 87.71.
Were a fall through 83.70 to be seen, though, the 55- and 200-day simple moving averages (SMAs) at 83.50 and 83.00 may act as support.
Gold price keels over
The spot gold price is grinding higher towards its six-week $2,393 per troy ounce high, made last Friday. Above it lie the $2,400 mark and the $2,431 April high.
For now the May-to-July downtrend line at $2,386 may cap, though, as it did on Wednesday.
Only a fall through Tuesday’s $2,350 low would engage the 55-day SMA at $2,343 ahead of the 24 May low at $2,326 and the early July low at $2,319.
Silver price remains side-lined
The spot silver price continues to sideways trade below its $31.49 July peak while staying above its 5 July low at $30.13.
A rise above the 7 June high at $31.55 is needed for the $32.51 May high to be back on the map whereas a fall through $30.13 may lead to the 55-day SMA at $29.57 and the May-to-July uptrend line at $29.29 being revisited.
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