Brent crude oil, silver and natural gas prices probe resistance
Outlook on Brent crude oil, silver and natural gas ahead of US PCE inflation and unemployment data.
Brent crude oil stalls at minor resistance
Brent crude oil’s recovery off last week’s $81.68 low has encountered resistance around last week’s high at $85.54, a daily chart close above which is needed for the August peak at $87.38 to be back in the pipeline.
Minor support can be found between the 8 August and this week’s lows at $83.30 to $83.20 with further support seen along the June-to-August support line at $82.86. Upside momentum should remain in play while the $82.31 early August low underpins. If not, last week’s low at $81.68 would likely give way with the 200-day simple moving average (SMA) at $80.80 being eyed in this scenario.
Silver rally runs into resistance
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 11% rally to Wednesday’s high at $25.01 before it paused. If overcome, the July peak at $25.26 would next in line.
Minor support is seen at last week’s highs at $24.38 to $24.36. While the next lower daily reaction Friday low at $23.92 underpins, the short-term uptrend remains intact.
Natural gas prices surge once more
Natural gas prices once again surged higher, to Wednesday’s high at $2.83 MMBtu, as Chevron workers at two of Australia’s largest liquified natural gas (LNG) production facilities plan to strike on 7 September which puts 10% global LNG supply at risk. Potential upside targets for front month natural gas futures are the 15 August high at $2.919 and the June peak at $2.930 ahead of the current August high at $3.050.
Technically these price targets will remain in play while Tuesday’s low at $2.633 holds on a daily chart closing basis. Minor support above this level can be seen around the 21 August high at $2.765 and also along the 55-day simple moving average (SMA) at $2.688.
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