Brent crude oil recovers as gold, silver stall
Outlook on Brent crude oil, gold and silver amid appreciating US dollar ahead of Jackson Hole symposium Fed and ECB key speeches.
Brent crude oil price recovers
Brent crude oil’s drop this week has taken it to Thursday’s $81.68 low before it regained lost ground on short-covering. The one-month downtrend line at $84.20 is thus within reach, a rise above which is needed for Monday’s high at $85.54 to be reached.
Short-term upside momentum should remain in play while the $82.81 to $82.31 early and mid-August lows underpin. If not, this week’s low at $81.68 would likely give way with the 200-day simple moving average (SMA) at $80.89 being eyed in this scenario.
Gold on track for first week of gains in a month
The gold price’s rally off its $1,885 per troy ounce one-month low lost upside momentum at Thursday’s $1,923 high but remains on track for its first weekly positive close in a month. Slips should find support along the 200-day simple moving average (SMA) at $1,911.
Further minor support sits at Friday’s high at $1,897, at the $1,893 late June low and more important support at this 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 eyed. A rise above $1,923 would put the 55-day SMA at $1,933 on the cards.
Silver rally pauses at $24.35
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 $24.35 this week 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 $23.57.
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