Gold price and silver price look for gains, but Brent crude price heads lower
Precious metals have held steady in early trading, but oil has dropped sharply once more.
Gold close to new highs
The spot gold price touched a record high yesterday, continuing its strong run from the December lows.
Early trading has seen little movement, but with stochastics continuing to point towards strong momentum, a push to fresh highs cannot be discounted.
Silver holding up well
Spot silver prices shrugged off the Sunday night weakness and pushed higher on Monday, cancelling fears of a possible sustained turn lower.
The early December highs at $32.00 are the next area of potential resistance. In the short-term, a reversal back below $31.00 might signal that a new move lower was underway.
Brent heads lower
Hopes of a Brent crude oil price rally have been dashed following Monday’s reversal.
The price had shown signs of recovery overnight on Sunday, but the commodity turned south during the session, and the price has now fallen below last week’s low of $75.00, negating the potential higher low. The next significant support lies around the December lows of $72.00.
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