Brent crude oil, silver stall as natural gas surges ahead

Outlook on Brent crude oil, silver and natural gas as China cuts two lending rates to prop up economic growth.

Source: IG

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-06-20T09:00:47+0100

Brent crude oil’s rally falters

Brent crude oil’s recent advance seems to be running out of steam as investors continue to assess the global economy. This comes despite the People’s Bank of China slashing two key lending rates for the first time since August 2022 in order to prop up growth. For last week’s rise to continue the April-to-June tentative downtrend line at $76.66 as well as Monday’s high at $76.90 will need to be overcome. Only then can the $77.51 mid-May high be attacked ahead of key resistance at $78.17 to $78.52, the late May and June highs. Slips may find support around the 25 May low at $75.08 and also the 22 May low at $74.47.

Source: ProRealTime

Silver advance runs out of steam

The silver price has traded in a low volatility range on Monday while the US was shut for the Juneteenth holiday. The precious metal continues to trade below the May-to-June downtrend line at $24.11 above which Friday’s high can be spotted at $24.21. This resistance would need to be overcome for the current June high at $24.52 to be reached. Minor support below Tuesday’s $23.84 low comes in at the mid-June low at $23.60.

Source: ProRealTime

Natural gas price rallies towards May peak

Natural gas prices continue to surge on the back of lingering concerns on whether European supply can adequately match demand after outages in Norway, the continent’s main producer. The front month natural gas futures price is on track for its sixth day of gains. It has now broken through its March-to-June downtrend line at $2.676 MMBtu and is gunning for its May peak at $2.786. If overcome on a daily chart closing basis, the psychological $3.000 mark could be back in focus. Slips may find support along the breached downtrend line at $2.676 which, because of inverse polarity, may now act as a support line.

Source: ProRealTime

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Brent crude oil, silver stall as natural gas surges ahead

Brent crude oil’s rally falters

Silver advance runs out of steam

Natural gas price rallies towards May peak