Silver price target highs while Brent crude price edges down
Silver has resumed its move higher, while the short-term bounce in oil is under some pressure.
Silver
The drop back from $34.00 found support last week at $33.00, and this then provided the foundation for Tuesday’s bounce. The spot silver price is now on course to test $34.00 once again. A close above here opens the way again to the October 2024 high just below $35.00. It looks like the uptrend has reasserted itself. It would need a reversal below this week’s low to suggest a new retracement has begun.
Brent
Brent crude oil prices have continued to defy expectations of a turn lower, and while the price is under pressure this morning we will need to see a drop back below $72.00 and an intraday lower low to suggest that the sellers have the upper hand. It is worth noting that the price remains below the late February/early March high at $73.75, which may provide some resistance.
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