Gold, Brent crude oil and silver prices continue to move higher

Commodity prices are continuing to surge, with the most impressive move seen in gold prices this week.

Source: Bloomberg

Written by

Chris Beauchamp

Chief Market Analyst

Article publication date: 2023-10-20T09:47:30+0100

Gold back to highest level since late July

The gold price has gone through an astonishing two weeks, during which it has rallied from a seven-month low to a two-and-a-half month high. During this time it has smashed through trendline resistance from the July highs, and moved back above the 50-, 100- and 200-day simple moving averages (SMA). The July highs at $1985 are back in view. Above this, the psychological $2000 mark beckons. For the moment bullish momentum, driven by safe haven buying, shows no sign of slowing, but some consolidation back below $1950 might not be surprising in the short-term.

Source: ProRealTime

Brent sets its sights on September highs

The news from the Middle East continues to drive gains in oil prices, with Brent rallying to a two-and-a-half week high on Thursday. Further gains target the $95 highs from late September, while above this the price will be at a new higher high, further bolstering the bullish view. Sellers will need a reversal back below the 50-day SMA to suggest that the price has reversed course.

Source: ProRealTime

Silver clambers back above 50-day MA

The rally for silver has not been quite as impressive as that for gold, but it has still seen a remarkable bounce. While it has broken above trendline resistance from the August highs, the price remains below the 200-day SMA for the time being, and a move higher on Tuesday ran out of momentum and was unable to break above the indicator. Any reversal below $23.80 would still be potentially bearish, but it is possible that a drop back towards $22.50 could still see fresh buying pressure emerge.

Source: ProRealTime

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Gold, Brent crude oil and silver prices continue to move higher

Gold back to highest level since late July

Brent sets its sights on September highs

Silver clambers back above 50-day MA