Gold, oil and silver make up lost ground
Precious metals have made headway this morning, while oil prices have also recouped some losses from earlier in the week.
Gold reverses Wednesday fall
Gold prices fell back from resistance yesterday, but have edged higher in early trading. The price returned to the $1885 support level yesterday, after rallying from the lows of the week. A close above $1885 would be a small bullish step, though with the price still below the 50- and 200-day simple moving averages (SMA), the overall outlook leans bearish. In addition, trendline resistance from the July highs may well stymie any progress in the short-term. A lower high below $1930 confirms the near-term bearish outlook.
WTI struggles below $84
Oil prices stabilised yesterday and have made small gains this morning. A low may be forming around the $81 level, though near-term upside will require a close back above Monday’s highs around $86. This might then suggest a resumption of the uptrend and a move back to the September highs around $93.50. A close back below $81 would hand the initiative to the sellers and suggest further losses towards the 100- and 200-day SMAs.
Silver recoups Wednesday’s losses
The recovery from the lows of last week continues, though the steep downtrend from the highs of late August remains in place. Trendline resistance from the August highs could come into play towards $22.50, and might still result in a lower high. A close above $22.70 might suggest a bigger rally towards the 200-day SMA or the late September high at $23.80. In the short-term, any close back below $21.50 would suggest a fresh challenge of the lows seen last week.
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