Brent crude oil price remains under pressure while gold and silver prices rise
The oil price hovers above this week’s low amid ongoing ceasefire talks between Hamas and Israel while precious metals prices resume their ascents.
Brent crude oil trades in near two-month lows
The Brent crude oil price is trading in near two-month lows as Hamas agreed to a cease-fire proposal and despite Israel saying that the deal is ‘far from’ meeting its demands.
A fall through this week’s low at 82.65 could put the late February and March lows at 80.88 to 80.25 on the map.
Resistance above the 200-day simple moving average (SMA) at 84.12 sits at the 22 April low at 85.21.
Gold price recovers post Non-Farm Payrolls
The spot gold price, which dropped to $2,278 per troy ounce on Friday, recovered above the $2,300 mark following weaker-than-expected US Non-Farm Payrolls with it hitting a high at $2,332 on Monday. Above it lurks the late April high at $2,352 which remains in sight while last week’s low at $2,278 underpins.
Silver price recovers
The spot silver price’s descent from its $29.79 per troy ounce mid-April high, a level last seen in February 2021, has taken it to the February-to-April support line and to last week’s low at $26.02 before heading back up again.
The late April high at $27.73 is now in focus but first the 23 April low at $26.67 may be revisited.
Overall upside pressure will remain in play while last week’s low at $26.02 underpins.
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