Silver price and Brent crude price make gains
Silver continues to make gains, heading towards a potential new three-year high, while the short-term recovery in crude oil continues.
Silver
The spot silver price has enjoyed a solid rally in March so far, building on the gains made in January and February.
The highs of October now beckon and would mark an impressive round trip for the price after the losses of November and December. Dips have been bought on the way up, with $31.00 and then $30.00 marking support areas, along with the late December bottom at $29.00. A push to the fourth quarter (Q4) 2012 highs at $35.20 now looks possible.
Brent crude oil
The recovery continues for Brent crude oil, helped along by renewed tensions in the Middle East, mostly driven by US attacks on Houthi forces in Yemen.
The price has pushed to its highest level since 3 March, putting it on course towards the now-declining 50-day simple moving average (SMA). Late February highs around $73.60 now come into view. Arguably the bias remains to the downside, and sellers will be watching for a turn lower that can put the price back on course for the lows just above $68.00.
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