Gold price stabilises, but silver and Brent crude price head lower
While gold prices are holding firm, both silver and Brent crude have fallen in early trading.
Gold rallies off the lows
Monday saw the spot gold price fall back to the 50-day simple moving average (SMA), before rebounding.
However, it remains at risk of further declines in the short-term testing the 50-day SMA once more. A close below this and below $2350.00 would bring the $2280.00 support zone into play once more.
Silver continues to drop
The silver price has continued its fall, after it reversed course last week.
Unlike gold, the price was unable to recover most of Monday’s losses, and further losses today have taken the price down towards the 200-day SMA.
At present there seems little sign of a rebound, which puts a test of the 200-day SMA in focus, for the first time since 4 March. Horizontal support at $26.03 is also coming into play.
Brent heads lower
Like many markets, Brent crude oil rebounded off the lows yesterday, but has now fallen again in early trading this morning.
The price finds itself below the June lows at $76.60, and also below the February lows. Further declines take the price on to the January low at $74.80, and then down to the December low at $72.50.
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