Silver price rallies, US natural gas price bounces back while Brent crude oil price edges higher
Silver price rallies, US natural gas price bounces back while Brent crude oil price edges higher amid ongoing supply risk.
Spot silver price bounces back
Following Wednesday’s sharp sell-off to the 55-day simple moving average (SMA) at $29.25 per troy ounce, the price of spot silver has regained upside momentum and eyes recent highs at $29.97-to-$30.19.
A drop through Wednesday’s $29.08 low would put the August $28.79 low on the cards, though.
Brent crude oil sees minor bounce
Brent crude oil futures have come off Monday’s 80.61 high and so far dropped to 77.16 on Wednesday before edging higher on supply concerns on Thursday morning. Failure at 77.16 would likely engage the June trough at 76.74.
Minor resistance can be spotted at Tuesday’s 78.60 low.
US natural gas futures bounce back
In natural gas markets, front-month US futures have dropped to a fresh three-week low at 2.061 after stalling last week around the 200-day SMA, now at 2.296.
Prices are currently in recovery mode and are approaching the 19 August low of 2.197 which may act as resistance. If overcome, the June-to-August downtrend line at 2.266 might be reached as well.
Below 2.061 lie the mid-July trough at 2.045, the late July low at 2.007 and the early August low at 1.918.
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