Brent crude oil stalls ahead of OPEC+ but gold and silver remain bid.

Outlook on Brent crude oil, gold and silver ahead of Thanksgiving.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-11-22T09:21:29+0000

Brent crude oil volatility falls away

Brent crude oil’s swift 7.5% bounce back from last week’s low is beginning to lose upside momentum as volatility seems to be on the wane ahead of Wednesday’s US EIA crude oil inventories and this weekend’s OPEC+ meeting. The oil price is now trading back above its 200-day simple moving average (SMA) at $82.14 per barrel and has the October low and mid-November high at $83.12 to $83.79 in its sights. If overcome, the early November low at $84.53 will be in focus, as well as the $85.89 late October low. Support below the 200-day SMA can be seen at the $81.68 late August low ahead of the psychological $80 mark and the 8 November low at $79.18.

Source: ProRealTime

Gold price approaches its October peak

Gold’s advance from its $1,932 per troy ounce low as the US dollar is depreciating amid lower US Treasury yields is approaching its October peak at $2,009. Once bettered, the August 2020, March 2022 and May 2023 peaks at $2,070 to $2,082 will be back in the frame. Potential slips may find support around the mid-November high at $1,993 ahead of the June and July peaks at $1,987 to $1,983.

Source: ProRealTime

Silver price attacks its recent high at $24.14

The price of spot silver remains on an upward trajectory with last week’s $24.14 per troy ounce high and the May-to-November downtrend line at $24.20 being eyed. If overcome, the June peak at $24.52 should be back in play. Support can be found between the late September and October highs at $23.77 to $23.70. Further potential support can be spotted along the 200-day simple moving average (SMA) at $23.31 and Monday’s low at $23.25. While it underpins on a daily chart closing basis, the short-term uptrend will stay intact.

Source: ProRealTime

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Brent crude oil stalls ahead of OPEC+ but gold and silver remain bid.

Brent crude oil volatility falls away

Gold price approaches its October peak

Silver price attacks its recent high at $24.14