WTI extends gains while gold, silver prices trade in low volatility ranges below recent highs
The oil price remains bid on supply worries while gold, silver prices hiver below recent highs.
WTI extends gains on supply worries
Despite a passed UN Security Council resolution calling for a ceasefire between Israel and Hamas, the oil price extends Monday’s gains as investors remain concerned about Houthi attacks on red Sea shipping and thus oil supply. Front month WTI futures eye Monday’s 82.36 high, a rise above which would engage the 83.12 current March peak. The short-term bullish bias will remain in play while Thursday’s low at 80.29 underpins on a daily chart closing basis. Below it lies the previous key resistance area, now because of inverse polarity a support zone, at 79.62 to 78.87.
Gold price consolidates below record high
Spot gold continues to range trade below last week’s record $2,223 per troy ounce high, hit after the FOMC meeting at which its Fed Chair Jerome Powell signalled that the central bank still plans three rate cuts before year end but three instead of four in 2025 while significantly raising its forecast for this year’s real US GDP growth. A rise above $2,223 would engage the $2,250 region whereas a fall through last week’s $2,147 low would indicate that a top is being formed with the $2,100 region in this scenario being back on the plate.
Silver price comes off last week’s three-month high
Spot silver’s descent from its $25.77 per troy ounce March three-month peak has taken it to its $24.60 late December high. Together with Friday’s low at $24.41 it may offer support. If not, the mid-March low at $24.01 would be in sight, below which lies more significant support between the $23.53 to $23.50 mid-January and mid-February highs. Minor resistance is seen around the psychological $25.00 mark.
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