WTI and silver rise but gold slips post hawkish Fed minutes and appreciating dollar
Outlook on WTI, gold and silver as Fed minutes point to further US rate hikes.
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WTI nears late June peak at $72.70
WTI is breaking through its May-to-July downtrend line and has also risen above its 55-day simple moving average (SMA) at $71.68, helped by Saudi Arabia’s extension of its voluntary one million barrel per day (bpd) output cut until the end of August. Together with additional Russian oil export reductions by 500,000 bpd next month it brings the total amount of output cuts by OPEC+ members to 5.16 million bpd as the group of major oil producers tries to prop up prices. The late June high at $72.70 is back in the frame, a rise above which should engage the early May and June highs at $73.82 to $73.89. Minor support sits at the 30 June high at $71.10 and at Wednesday’s $70.44 low.
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Gold slips post hawkish Fed minutes
The gold price is once again slipping on the back of hawkish Fed minutes and an appreciating US dollar. The precious metal short-term topped out at Wednesday’s $1,935 per troy ounce high and is seen slipping back towards the 23 June low at $1,911. If fallen through, the June trough at $1,894 may be revisited. Minor resistance for this week can be spotted between the 3 July high and the May-to-July resistance line at $1,931.
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Silver nears May-to-July downtrend line
Silver’s recent advance is taking it ever closer to the May-to-July downtrend line at $23.35 per troy ounce, a rise above which would target the mid-June low at $23.60. Above which the 55-day simple moving average (SMA) can be spotted at $23.90. The current upside bias should remain in play while Wednesday’s low and the 55-day simple moving average at $22.77 to $22.66 hold on a daily chart closing basis.
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