While the price of WTI crude oil drops, gold and silver prices remain bid
Hopes of de-escalation in the Middle East lead to fall in oil price while gold and silver prices remain elevated.
WTI drops on Middle East de-escalation hopes
The WTI crude oil front month futures prices slid to a near three-week low at 82.08 on hopes of de-escalation in the Middle East. The February-to-April uptrend line at 82.04 thus holds for now. Further down the major November-to-March highs can be spotted at 80.48 to 78.87 and should offer solid support. Minor resistance now comes in at Monday’s 83.60 low.
Gold price stays side-lined below its recent record high
Spot gold, which on Friday hit a new all-time record high at $2,431 per troy ounce on heightened geopolitical tensions in the Middle East, has been consolidating below this level since then. While Monday’s $2,325 underpins, upside pressure should retain the upper hand. A rise above Tuesday’s high at $2,398 would put last week’s record high at $2,431 back on the map. Minor support can be seen along the March-to-April uptrend line at $2,362.
Silver price range trade below three-year high
The strong rally in the spot silver price has taken it to levels last traded in February 2021, to Friday’s $29.79 per troy ounce high, made close to the $29.86 August 2020 peak and the $30.09 February 2021 high on escalating Middle East tensions, before sideways trading kicked in. These levels will be back in sight, should a rise above Tuesday’s high at $29.02 be seen. Minor support below Wednesday’s $28.52 high can be found at the 10 April $27.53 low.
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