Oil, gold and silver prices rise amid heightened Middle East tensions
Outlook on TI, gold and silver ahead of key US data later this week.
WTI rises on heightened Red Sea tensions
Front month WTI futures continue to grind higher as investors weigh up escalating geopolitical tensions around the Red Sea with demand-side uncertainties and recovering global supply. The rise from last Wednesday’s 70.61 low has so far taken the front month futures contract to Monday’s 75.45 three-week high, a rise above which would engage the 76.20 late December peak and the 200-day simple moving average (SMA) at 77.28. The rise in the oil price is underpinned by a one-week uptrend line at 73.86 and the 55-day SMA at 73.75. While Monday’s low at 72.57 isn’t giving way, further upside should be seen.
Gold price side-lined
Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,023 along which it has been trading for the past week while remaining above last week’s low at $2,002. Further range trading between this low and Friday’s high at $2,039 is at hand. More resistance is to be found at last Monday’s $2,046 low.
Silver price bounces off January trough
Spot silver’s descent from its mid-January $23.53 per troy ounce high rapidly took it to Monday’s $21.93 low which was made marginally above its $21.89 mid-November low. The rise above Tuesday’s daily candlestick Harami high at $22.46 points to a probable bullish trend reversal with the 4 January low at $22.69 representing the first hurdle. Once bettered, the December-to-January downtrend line at $23.14 should be back in sight. Support below Wednesday’s $22.35 low lies in the $21.93 to $21.89 region.
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