While the price of crude oil stabilises, gold and silver prices fall sharply
De-escalation in the Middle East leads to risk on sentiment and flows out of save haven commodities such as precious metals.
Brent crude oil price recovers slightly from near one-month low
The Brent crude oil price’s sharp decline from its 91.67 mid-April high to Monday’s 85.21 near one-month low amid de-escalation in the Middle East has been followed by a minor bounce which so far remains tepid and below the 87.11 mid-March high, though.
Were 85.21 to give way, the key mid-November-to-early March previous resistance area, now because of inverse polarity a support zone, at 84.58 to 83.79 would probably be tested.
Gold price plunges to three-week low as geopolitical tensions ease
Spot gold is on track for its second straight day of losses, having so far fallen by around 5% from its mid-April $2,431 per troy ounce record high, as tensions in the Middle East ease.
A potential downside target is seen at the 5 April low at $2,268. If fallen through, a more significant correction might take the precious metal price to its 20 March $2,223 high.
Minor resistance sits between its mid-April low and Tuesday’s intraday high at $2,335. Further minor resistance can be spotted at the 17 April $2,354 low.
Silver price comes off its three-year high
The spot silver price is seen coming off its $29.79 per troy ounce mid-April high, a level last traded in February 2021, towards its 5 April low and the February-to-April uptrend line at $26.29 to $26.16 as geopolitical tensions in the Middle East abate. Another potential downside target is the 21 March high at $25.77.
Minor resistance above Tuesday’s intraday high at $27.36 can be seen at the 10 April low at $27.53.
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