Brent crude oil slips on demand concerns while gold, silver prices rise
Outlook on Brent crude oil, gold and silver as the U.S. dollar continues to appreciate ahead of Thursday’s Jackson Hole symposium.
Brent crude oil price slides on demand concerns
The price of Brent crude oil is slipping once more as Chinese policy measures to boost economic growth disappoint. The early August and last week’s lows at $82.81 to $82.31 are thus back in focus. If fallen through, the mid-July high at $81.56 ahead of the 200-day simple moving average (SMA) at $80.98 could be back in the frame.
Minor resistance above Monday’s low at $84.04 can be seen at this week’s high at $85.54. While it isn’t bettered, short-term downward pressure looks to be dominant. While the $82.81 to $82.31 support area holds, the medium-term uptrend in Brent crude oil remains intact, though.
Gold on track for third day of gains
The one-month decline in the price of gold to this week’s $1,885 per troy ounce low has been followed by a minor recovery rally towards the 200-day simple moving average (SMA) at $1,909. While the precious metal price remains below it on a daily chart closing basis, overall downside pressure should retain the upper hand, though.
Minor support below Friday’s high at $1,897 can be spotted at the $1,893 late June low and at this week’s $1,885 trough. Currently unexpected failure at $1,885 would lead to the mid-March price gap between $1,872 to $1,870 being eyed.
Silver rally pushes towards the $24.00 mark
Silver’s rally off its seven-week low at $22.23, made marginally above its $22.12 June low, has been followed by a near 6% rally in the past week. The precious metal is fast approaching its late July low at $24.05.
Slightly above it lies the 24 July low at $24.27, a rise above which would target the June peak at $24.52. Minor support below the 55-day simple moving average (SMA) at $23.56 comes in along the 200-day simple moving average (SMA) at $23.32. While above it, immediate upside pressure should be maintained.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
