Silver, natural gas prices rise while Brent crude oil price remains under pressure
Silver, natural gas prices rise while Brent crude oil price remains under pressure despite heightened tensions in the Middle East.
Silver price stays bid
The price of spot silver continues to be side-lined but is considered to be bid while Wednesday’s low at $27.18 per troy ounce underpins. For the bulls to be back in control a rise and daily chart close above this week’s high at $28.05 needs to occur, though. In this case the mid-to-late June lows at $28.58 to $28.66 would be eyed but may cap.
Unexpected failure today at $27.18 would probably re-engage the early August low and 200-day simple moving average (SMA) at $26.46.
Brent crude oil price remains under pressure
The price of Brent crude oil, having earlier this week run out of steam at 81.97 on the front month futures contract, marginally below the 200-day SMA at 82.12, remains under pressure.
A fall through Wednesday’s low at 79.23 on a daily chart closing basis, could lead to the late July low at 77.95 being revisited.
Natural gas prices flirt with technical resistance
Front month natural gas futures prices are being capped by the 200-day SMA at 2.342, having peaked at 2.350 on Wednesday. These levels remain in sight, though, and a rise above these could re-engage the 55-day SMA at 2.461 and also the late May low at 2.533.
Immediate upside pressure should be maintained while Tuesday’s low at 2.214 underpins.
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