WTI extends gains while gold, silver prices trade near recent highs
The oil price remains bid on supply worries while gold hits a new record high and silver prices rally.
WTI trades in six-month highs
WTI crude oil front month futures prices are on track for their fourth consecutive day of gains and now trade in six-month highs amid heightened tensions in the Middle East due to an explosion destroying the Iranian consulate in Damascus. Front month WTI futures are approaching their 85.62 late October high, above which beckon the 89.77 October peak and the psychological 90.00 mark. Potential slips should find support around the 83.12 March peak. Further minor support sits at the 25 March high at 82.36.
Gold price trades at record high
Spot gold remains bid following Monday’s record $2,265 per troy ounce high with the $2,300 region representing the next upside target. Minor support is seen at Thursday’s $2,236 high and more significant support at the $2,223 previous all-time high, made in March. As long as the mid-March’s $2,147 low underpins, the medium-term uptrend remains intact.
Silver price rises towards March three-month high
Spot silver’s descent from its $25.77 per troy ounce March three-month peak to last week’s $24.33 low has been followed by another up leg. This eyes the $25.77 December and March peaks. Minor support can be spotted around the late December $24.60 high.
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