Gold and silver edge higher while WTI price targets fresh gains
Some dollar weakness has allowed gold and silver prices to recoup some losses, while oil is looking for new gains once again.
Gold’s bearish view held back for now
Early trading on Monday has seen gold manage to rally off the 200-day SMA, after falling back from the 100-day SMA during the course of September so far. Should the price manage a close back above the 50-day SMA, then additional bullish momentum could see the price mount an attempt to clear the late August high around $1950, and if this is successful, the late July high around $1980 then comes into view. A close below $1915, last week’s low, hands the initiative to the sellers once more, and brings the August low around $1885 into view once more.
WTI rises once again
After a brief wobble last Thursday, the price has recovered and is back on the up once more. A close above last week’s high of $87.70 would then open the way to $89 and then the October/November high at $92.95. Momentum remains firmly bullish, with the daily MACD continuing to rise, and the medium-term view has been supported by the mid-August golden cross of the 50- and 200-day SMAs. So far sellers have been unable to wrest control of the price action, and for a pullback to develop we would need to see a close back below $84.
Silver rallies off its lows
The price has made headway in early trading, although there is a long way to go before it can make up the losses suffered over the last two weeks. If the price stabilises around these levels then a move back above the 200-day SMA might help to solidify a near-term low. This might then allow an eventual move towards the late August highs around $25. A close below $22.84 would reverse this view and open the way to the August lows at $22.30.
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