Brent crude, silver and natural gas look to move higher

Commodity prices have made further headway, with silver and Brent crude looking for further gains.

Source: Bloomberg

Written by

Chris Beauchamp

Chief Market Analyst

Article publication date: 2023-10-26T10:32:04+0100

Brent rallies further

Oil prices came storming back on Wednesday, helping to negate a rising bearish view. The price moved back above trendline support once more, having closed below it on Tuesday. The 50-day SMA was also recovered, in an impressive double-whammy for the commodity. If the price can move above $90 then the bullish view continues to gather pace. Wednesday’s move seems to cancel out the possible bearish view, and it would need a close back below $88 to reverse the outlook once more.

Source: ProRealTime

Silver pushes higher

Silver is not giving up its gains lightly, consolidating and finding buyers on the intraday dips. A close back below $22.50 eludes the price for now, leaving the commodity in a more neutral stance. A close back above $23 could hand the buyers the advantage once more. Sellers need the close back below $22.50 to help solidify a bearish outlook, which might then see a resumption of the downtrend in place from May.

Source: ProRealTime

Natural Gas rally revives

The pullback appears to have run its course here, with the price rallying sharply for a third day on Wednesday. Renewed gains target the 3585 highs from early October, and above this a new higher high is created. The buyers have reasserted control, and a continuation of the uptrend seems likely at this point. Sellers will need a reversal of the gains of the week so far to suggest a new leg of the pullback is underway.

Source: ProRealTime

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Brent crude, silver and natural gas look to move higher

Brent rallies further

Silver pushes higher

Natural Gas rally revives