Gold price trades close to record high, silver stays bid while oil price drops further
Gold price trades close to record high, silver stays bid while oil price drops further ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday.
Gold price remains close to record high
The spot gold price stays close to Tuesday's $2,531.00 per troy ounce record high while being supported by the psychological $2,500.00 level and the tentative August trend line at $2,481.00.
Further, more significant, support sits between the $2,469.00 mid-July high and the $2,445.00-to-$2,480.00 early to mid-August highs. While it holds, spot gold will likely continue to target the $2,550.00 region.
Spot silver price loses upside momentum
The price of spot silver has been trading sideways recently, but there is some underlying buying interest as evidenced by the past couple of weeks' uptrend. For the bullish sentiment to regain control, the silver price needs to rally and close above this week's high at $29.97 per troy ounce. If that happens, the next upside target would be the 21 June high at $30.85.
Support below the 55-day simple moving average (SMA) at $29.23 remains to be seen between the mid-to-late June lows at $28.66-to-$28.58.
WTI nears early August low below which lies mid-January trough
Front month WTI crude oil futures are on track for their fifth straight day of falling prices and are about to hit their 71.28 early August low. The recent decline in the oil price stems from demand concerns to do with weak data from top oil consumers such as the USA and China and hopes of a ceasefire agreement between Hamas and Israel.
Below the 71.28 current August low lies the mid-January low at 70.61 ahead of the psychological $70.00 mark.
Minor resistance can be spotted at the June low at 72.46.
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