Brent crude oil rises ahead of OPEC+ meeting but gold, silver stall
Outlook on Brent crude oil, gold and silver amid a depreciating US dollar and global falling yields.
Brent crude oil price rises to two-week high ahead of OPEC+ meeting
The front month Brent crude oil futures contract has risen to a two-week high, between the October low and mid-November high at 83.12 to 83.79, ahead of today’s postponed OPEC+ meeting at which further output cuts may be on the table. A rise above this resistance area would confirm a medium-term bottoming formation and would put the 55-day simple moving average (SMA) at 86.60 on the map. Potential slips may find support along the 200-day simple moving average (SMA) at 82.08 and around the 81.68 late August low.
Gold consolidates around the $2,050 level
Gold’s advance from its $1,932 per troy ounce low on a weaker US dollar and rapidly falling US Treasury yields has so far taken it to $2,052. Once bettered, the August 2020, March 2022 and May 2023 highs at $2,070 to $2,082 will be in focus. This resistance zone is expected to cap, at least for a few days. Good support remains to be seen between the October and last week’s highs at $2,009 to $2,007.
Silver trades near its three-month high
Spot silver reached its July peak at $25.26 before being capped by it on Wednesday. A rise above this level would take the precious metal to levels last traded in May and lead to the April and May highs at $26.09 to $26.13 being in focus. Minor support can be seen around the $25.01 late August high with more significant support coming in between the late April low and early June high at $24.52 to $24.50.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
