Brent crude oil, gold and silver prices slip
Further de-escalation in the Middle East leads to flows out of save haven commodities such as precious metals.
Brent crude oil price slips
The Brent crude oil price is seen coming off Friday’s 88.72 high amid ample supply with the February-to-April uptrend line at 86.16 representing a possible short-term downside target. If fallen through, last week’s low at 85.21 may also be revisited.
Minor resistance above last week’s high at 88.72 sits at the 19 April peak at 90.10.
Gold price gradually slips
The spot gold price is gradually slipping towards Thursday’s low at $2,306 below which lies last week’s trough at $2,292. While this level holds, further sideways trading remains on the cards.
A rise above last week’s high at $2,352 is needed, for the $2,400 region to be back in play.
Silver price weighs on uptrend line
The spot silver price’s descent from its $29.79 per troy ounce mid-April high, a level last traded in February 2021, has taken it to the February-to-April uptrend line at $22.67 which offers support. If slid through, the 5 April low at $26.29 would be next in line, ahead of the $25.77 December and late March highs.
Immediate downside pressure will remain in play while no bullish reversal above Friday’s high at $27.73 is taking place.
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