Gold and silver move higher while oil’s rally continues
Precious metals are moving higher this morning, while oil prices are continuing to make gains.
Gold edges higher
The price has rallied off its lows from last week, and with the indication of a short-term higher low buyers are hoping some more sustained upside can result. First the price has to breach trendline resistance from the July highs, and if this is cleared the next hurdle becomes the 1 September high at $1953.
Above here a more medium-term bullish view might begin to prevail. Alternately, a failure to break above trendline resistance sets up a fresh lower high and will target $1900 and then $1884.
Brent clears $93
Oil’s impressive gains continue apace, with Brent clearing the $93 level on Thursday and recovering from some brief weakness on Friday. The price has not seen a down day since 7 September, and has yet to test even potential trendline support from the mid-August low. Further upside will see the price head on towards the highs of October and November around $99.
As yet there is no sign of any sustained weakness, leaving sellers without much on which to build a thesis. A close below $91 might indicate some short-term weakness has begun.
Silver stages a rally from support zone
Last week saw the price rally out of the $22.30 support zone. Previous bounces from this level opened up a rally towards the $24.50 level, and a repeat of this might set up a move towards trendline resistance from the May high. Sellers will need to see a reversal back below $22.20 and could then confirm a more bearish view.
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