Silver price rallies, US natural gas price bounces back while Brent crude oil price edges higher
Silver price rallies, US natural gas price bounces back while Brent crude oil price edges higher amid ongoing supply risk.
Spot silver price bounces back
Following Wednesday’s sharp sell-off to the 55-day simple moving average (SMA) at $29.25 per troy ounce, the price of spot silver has regained upside momentum and eyes recent highs at $29.97-to-$30.19.
A drop through Wednesday’s $29.08 low would put the August $28.79 low on the cards, though.
Brent crude oil sees minor bounce
Brent crude oil futures have come off Monday’s 80.61 high and so far dropped to 77.16 on Wednesday before edging higher on supply concerns on Thursday morning. Failure at 77.16 would likely engage the June trough at 76.74.
Minor resistance can be spotted at Tuesday’s 78.60 low.
US natural gas futures bounce back
In natural gas markets, front-month US futures have dropped to a fresh three-week low at 2.061 after stalling last week around the 200-day SMA, now at 2.296.
Prices are currently in recovery mode and are approaching the 19 August low of 2.197 which may act as resistance. If overcome, the June-to-August downtrend line at 2.266 might be reached as well.
Below 2.061 lie the mid-July trough at 2.045, the late July low at 2.007 and the early August low at 1.918.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
