Brent crude oil price drops 8% from last week’s high while gold, silver prices recover
The Brent crude oil price is on track for its fifth straight day of falls amid worries of oversupply while gold, silver prices recover as the greenback slides.
Brent crude oil price drops sharply on worries over higher supply
Brent crude oil front month futures prices dropped by over 8% from last week’s highs and are fast approaching their February low at 76.59. They did so amid concerns that global supply could increase later this year as OPEC+ allowed for voluntary cuts from eight member countries to be gradually unwound from October onwards. Below 76.59 further support can be found at the 74.81 January trough.
Good resistance sits between the mid- and late May lows at 80.48 to 80.88.
Gold price bounces off three-week low
The spot gold price slid to the 55-day simple moving average (SMA) which offered support on Monday at $2,315 per troy ounce before disappointing US data and a weaker Us dollar led to a recovery rally towards last week’s high at $2,364. If bettered, the $2,400 region should be back in play.
A currently unexpected fall through this week’s low at $2,315 may lead to the early May low at $2,278 being back in sight.
Silver price’s move lower from its 11 ¼ year high may have ended at Monday’s low
The spot silver price’s rally to $32.51 per troy ounce, a level last seen in December 2012, has been followed by a probable Elliott was abc zig zag correction lower which may well have culminated at Monday’s $29.78 low. If so, the $32.00 region an above should be back in sight.
Monday’s low was made at the $29.79 April high. A fall through it and the $29.78 level would have more negative connotations and could take the silver price towards the 55-day simple moving average (SMA) and February-to-June uptrend line at $28.07 to $27.96.
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