WTI, gold lose upside momentum while silver price grinds higher
Outlook on WTI, gold and silver as trading volumes dry up ahead of the festive season.
WTI loses upside momentum
Following six consecutive days of rising oil prices, WTI lost upside momentum as a surprise build in US crude inventories partially offset concerns about supply disruptions in the Middle East. WTI nonetheless retests its October-to-December downtrend line at 74.35 which currently acts as resistance. If it and Wednesday’s high at 75.38 were to be overcome, the 200- and 55-day simple moving averages (SMA) at 77.64 to 78.33 would be next in line. Minor support below Wednesday’s low at 73.54 can be seen at the 14 December high at 72.69 and also at the 12 December high at 72.15.
Gold consolidates below
$2,050 Spot gold’s rally from last week’s $1,974 per troy ounce low ran out of steam at its mid-December high at $2,048 below which it has been trading in low volatility since. While Friday’s low at $2,016 underpins, last week’s high at $2,048 may be revisited. If it were to be exceeded, the 2020, 2022 and May 2023 highs at $2,070 to $2,082 would be next in line. If a slip through $2,016 were to be seen, however, the December 5 low at $2,010, together with the late October high and the 21 November high at $2,009 to $2,007 could be reached instead.
Silver grinds higher above 200-day simple moving average
Spot silver’s rally off last week’s $22.51 per troy ounce low is ongoing, albeit at a slower pace. The silver price is on track for its fourth consecutive day of gains and if it were to rise above Wednesday’s $24.44 high, the August peak at $25.01 would be next in line. Minor support below Wednesday’s low at $23.96 can be seen along the 200-day simple moving average (SMA) at $23.62.
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