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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.

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.

Oil Source: Getty Images

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.

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

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.

Spot gold chart Source: IT-Finance.com
Spot gold chart Source: IT-Finance.com

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.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

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