Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
Gold unable to move higher
The $10 range in gold over the past week has continued today, but despite recent pushes towards $1325 there seems no appetite to go higher.
Short term, $1310 is support, being the lower end of the current range, and if this is lost then it looks likely to go back to $1280. The 100-day moving average at $1301 could provide support too, but the metal must close above $1320 on a daily chart if any rally is to be sustained.
$21 level supporting Silver
Silver is still overbought, as has been the case for over a week now. The close yesterday above $21 makes the outlook here more positive, with the next target being $21.53 and then $21.95.
$21 has now become support, and a drop through here would find support at $20.80 and then $19.80. It seems there is much more buying pressure for silver than for gold.
Brent could make further gains
This market has found support at $113 on a daily chart, which may give it the ability to move back towards the June highs above $115.
However, on an hourly chart, there seems the likelihood of further short-term weakness, as the price moves below the 200-hour moving average and the 50-hour crosses below too.
At the time of writing, $113.26 is acting as a support, but a drop through here opens the way to a test of $112.40, the 17 June low.
Now that the commodity is no longer overbought, the longer-term picture seems to indicate further gains.
US light crude recovers 20-DMA
NYMEX has recovered the 20-DMA and above the trendline from the January lows.
If upward momentum can be sustained and the 200-hour MA broken, then a move back to the week highs around $106.85 and then $107.50 is possible.
On the downside, there is plenty of support at $105.50, $105.25 and then $104.90. More newsflow about a potential lifting of the US export ban and worries about Iraq should aid further rises in the price.