Oil, gold and silver prices slide on greenback strength
Outlook on Brent crude oil, gold and silver ahead of US retail sales publication.
Brent crude oil price slides
The price of Brent crude oil once again slides as a stronger Us dollar and global demand concerns overshadow heightened tensions in the Middle East ahead of Wednesday’s API crude oil inventories. Monday’s low and the December-to-January uptrend line at 76.71 to 76.36 are thus back in play. More significant support comes in at last Monday’s 75.21 low and the previous week’s 74.81 low. Were this support zone to be fallen through, the 7 December low at 73.69 would represent the next downside target ahead of the 72.50 December low. Resistance above Wednesday’s intraday high at 77,71 comes in between Tuesday’s high and the 55-day simple moving average (SMA) at 79.16 to 79.32.
Gold price pushed lower amid strong greenback
Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,019, below which lies last week’s low at $2,014. Were it to give way, the October and late November highs at $2,009 to $2,007 would be back in sight. Minor resistance above Wednesday’s $2,033 intraday high sits at last Wednesday’s $2,040 high with further resistance to be found at Monday’s $2,046 low.
Silver price slides towards current January low
Spot silver’s descent from last week’s $23.53 per troy ounce high is fast approaching last week’s $22.48 low as a rising greenback makes the purchase of the precious metal less attractive. A drop through the $22.48 current January low would likely engage the November low at $21.89. Minor resistance above Wednesday’s $22.94 intraday high can be seen at Monday’s $23.11 low ahead of the more significant 5 to 12 January highs at $23.51 to $23.53.
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