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.
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.
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.
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.
This information has been prepared by IG, a trading name of IG Markets Limited. 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.
- 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
