Silver falls but has plenty of support
Like gold, silver has fallen back below its 200-day SMA ($16). There is plenty of support below the current price in the near-term, at $15.80, then $15.72 and finally $15.60, so bears may find it hard to drive the price down.
Only a close below $15.40 really unleashes meaningful downside momentum. A close above $16.20 would undoubtedly be bullish, putting the price above the 200-day SMA and above key resistance, opening the way towards $16.80 and then on to $17.15.
Brent crude back below $50 a barrel
The move back below $50/barrel rather upsets the bullish outlook on Brent crude, but at least the 20-day SMA at $49.50 is still holding as support. Below that, the 50-day SMA at $48.75 also comes into play.
If the price can move back above $51 in coming days then we may see a bullish move develop that could take the price back towards resistance at $54.
WTI looks like it may bounce
Despite the drift lower from Friday’s highs, we may still see a bounce in US light crude. Rising trend line support comes into play around $46.85, coinciding with the 50-hour SMA.
A first target on the upside will be the 200-hour SMA at $47.94, and a break through here would target the 13 October highs around $48.50.