Gold price and silver price rise and Brent crude price surges on geopolitical news
Oil prices have been lifted sharply by escalating tensions in the Middle East between Iran and Israel. Meanwhile, gold and silver are making further gains.
Gold price targets new highs
The spot gold price continues to rally, and with both daily stochastics and moving average convergence/divergence (MACD) providing bullish crossovers the bullish view has received fresh support.
Further gains target the high from mid-July, and then on to fresh record highs.
Silver rebound goes on
The recovery continues for silver after it hit a three-month low earlier in the week. The price has closed back above the 100-day simple moving average (SMA) and has continued to gain, accompanied by a bullish stochastic crossover.
Further gains head towards the 50-day SMA and then the $31.00 highs from early July.
Brent surges on conflict fears
Escalating tensions in the Middle East have caused oil prices to rebound sharply.
Having formed a low at $78.00, the Brent crude oil price looks set to make further gains, and could push in the direction of the previous highs from early July near $88.00. However, a close above the 200-day SMA will be needed first.
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