Brent crude oil, gold and silver prices grind higher
Outlook on Brent crude oil, gold and silver ahead of this week’s inflation, growth and employment data.
Brent crude oil price recovers
Brent crude oil’s recovery off Thursday’s $81.68 low is once more trying to reach the August resistance line at $84.46 ahead of last week’s high at $84.70. If overcome, last Monday’s high at $85.54 could be reached next.
Short-term upside momentum should remain in play while the $82.81 to $82.31 early and mid-August lows underpin. If not, last week’s low at $81.68 would likely give way with the 200-day simple moving average (SMA) at $80.82 being eyed in this instance.
Gold price continues to grind higher
The gold price’s rally off its $1,885 per troy ounce one-month low is ongoing with it grinding higher towards the 55-day simple moving average (SMA) at $1,932. Above it resistance can be found between the mid-July low and 4 August high at $1,946 to $1,947. Support is likely to be offered by the 200-day simple moving average (SMA) at $1,913.
Further minor support sits at last Friday’s high at $1,904 low, at the $1,893 late June low and more important support at last week’s $1,885 trough. Currently unexpected failure at $1,885 would lead to the mid-March price gap between $1,872 to $1,870 being targeted.
Silver rally stuck below last week’s $24.38 high for now
Silver’s rally off its seven-week low at $22.23, made marginally above its $22.12 June low, has been followed by an over 8% rally to last week’s $24.38 high before it stalled. If overcome, the June peak at $24.52 would be targeted next, ahead of the July peak at $25.26. Minor support is seen a long way off along the 55-day simple moving average (SMA) at $23.58.
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