WTI muted but gold, silver rally on slipping US dollar

Outlook on WTI, gold and silver as US inflation comes in softer-than-expected.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-11-15T08:58:52+0000

WTI unchanged despite positive China data

WTI continues to trade around the 200-day simple moving average (SMA) at $78.04 per barrel despite China retail sales beating forecasts and the country’s industrial output rising the most in six months. Potential slips may find support around the $77.60 late August low and the $77.11 high seen last Thursday whereas resistance above the one-month tentative downtrend line at $79.04 sits at Tuesday’s $79.66 high. A rise above this level would engage the 3 November low at $79.96 and the minor psychological $80.00 mark. Further up sits the $81.21 early October low which may well cap, if reached at all. A fall through last Wednesday’s $76.46 low would put the May high at $74.70 back on the cards.

Source: ProRealTime

Gold price gets a boost from weaker greenback

The gold price is seen recovering from its $1,932 per troy ounce Monday low as the US dollar is retreating in the face of softer US inflation. The precious metal is on track for its third day of gains and has so far managed to overcome the September high at $1,953 whilst gunning for the psychological $2,000 mark. Minor support can be found between the September highs at $1,953 to $1,947. More significant support can be seen along the October-to-November support line at $1,941, the 200-day simple moving average (SMA) at $1,936 and the current November low at $1,932.

Source: ProRealTime

Silver price rises by over 4% in a couple of days

The price of spot silver has surged as US inflation came in weaker-than-expected and as the US dollar slid with the August-to-November downtrend line at $23.20 per troy ounce having been breached and the 200-day simple moving average (SMA) at $23.26 being tested. Further up beckon the late September and October highs at $23.70 to $23.77. Support below Wednesday’s $23.04 low can be seen along the 55-day simple moving average (SMA) at $22.77.

Source: ProRealTime

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WTI muted but gold, silver rally on slipping US dollar

WTI unchanged despite positive China data

Gold price gets a boost from weaker greenback

Silver price rises by over 4% in a couple of days