Brent crude oil, gold and silver muted amid low volume trading

Outlook on Brent crude oil, gold and silver as Thanksgiving holiday leads to drop in volatility amid low volume trading.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-11-24T10:57:05+0000

Brent crude oil volatility drops further still

Brent crude oil’s volatility is on the wane following a dispute among OPEC+ members over output quotas and the postponement of this weekend’s meeting to the 30 November clouded the supply outlook. The oil price remains below the 200-day simple moving average (SMA) at $82.10 per barrel but may still reach the October low and mid-November high at $83.12 to $83.79 over the coming days. If bettered, the early November low at $84.53 could be in sight, as well as the $85.89 late October low. Support is seen around the psychological $80 mark and the 8 November low at $79.18.

Source: ProRealTime

Gold price trades around the $2,000 mark

Gold’s advance from its $1,932 per troy ounce low has come close to its October peak at $2,009 without so far being able to overcome it. Once that is the case, the August 2020, March 2022 and May 2023 peaks at $2,070 to $2,082 would likely be in focus. Potential slips may find support around the mid-November high at $1,993 ahead of the June and July peaks at $1,987 to $1,983.

Source: ProRealTime

Silver price consolidates below its recent high at $24.14

The price of spot silver stalls below last week’s $24.14 per troy ounce high and the May-to-November downtrend line at $24.18. If exceeded, the June peak at $24.52 could be back in the picture. Support can be seen along the 200-day simple moving average (SMA) at $23.31 and Monday’s low at $23.25. While it underpins on a daily chart closing basis, the short-term uptrend will stay intact.

Source: ProRealTime

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Brent crude oil, gold and silver muted amid low volume trading

Brent crude oil volatility drops further still

Gold price trades around the $2,000 mark

Silver price consolidates below its recent high at $24.14