Brent crude oil, gold and silver stabilize
Outlook on Brent crude oil, gold and silver as US dollar regains recently lost ground.
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Brent crude oil stabilizes along support line
The front month Brent crude oil futures contract’s rise to last week’s 84.58 high has been followed by three straight days of falls amid diverging opinions as to the extent of future output cuts by OPEC+ members. The oil price is in the process of levelling out above the June-to-December support line and Monday’s low at 77.54 to 77.32. Below this support zone lies the November trough at 76.67. Any short-term bounce is likely to encounter resistance around the 8 November low at 79.18 on Tuesday, ahead of the minor psychological 80.00 mark.
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Gold swiftly comes off its new all-time record high at $2,121
Spot gold gapped higher on Monday on flight-to-safety flows as the Hamas-Israel war resumed and made a new all-time record high at $2,121 per troy ounce before not only rapidly closing its weekend gap but also selling off to Monday’s $2,021 low. Below it lies solid support between the October and last week’s highs at $2,009 to $2,007, together with the October-to-December tentative uptrend line at $2,005. Initial resistance now comes in around Wednesday’s $2,052 high and further up at Thursday’s $2,075 high.
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Silver swiftly comes off its near seven-month high
Spot silver’s rally to its current December peak at $25.77 per troy ounce, a near seven-month high, has been followed by a crash back to Monday’s $24.42 low. The breached May-to-December downtrend line at $24.08 should, because of inverse polarity, now act as a support line. Further support can be found between the 22 September and 20 October highs at $23.77 to $23.70. Resistance sits at the $25.01 late August high.
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