Gold and silver drop but oil prices hold firm

Gold and silver have seen further selling after Friday’s poor session, while oil is in a holding pattern after its recovery on Friday.

Source: Bloomberg

Written by

Chris Beauchamp

Chief Market Analyst

Article publication date: 2023-11-13T09:26:21+0000

Gold testing 200-day moving average

Hopes of a recovery on Friday were dashed, and the price has slumped to the 200-day simple moving average (SMA). If the price can stabilise her and then move above $1950 a low might form, which might then see the price head back towards $2000. A close below $1930 opens the way towards the 50-day SMA, with a drop below $1920 beginning to suggest a renewed bearish outlook in the medium-term.

Source: ProRealTime

WTI steady after Friday’s bounce

Oil prices rallied towards the end of last week, though WTI remains below the 200-day SMA. In the short-term, a close back above the 200-day SMA might signal a rebound is in play, which might see the price head back towards the 100-day SMA. Short-term trendline resistance from mid-October could hinder this. A reversal back below $75 puts the sellers in charge once more. A move below $74 then sees the price back below key resistance from the early summer.

Source: ProRealTime

Silver heads lower

The price slipped lower on Friday, being unable to hold above the 50-day SMA for the second session in row. Renewed downside movement now brings the lows of early October into play, down towards $20.50, and would see the bearish view revived. A close back above $22.80 might suggest a renewed attempt to break back above the 200-day SMA is beginning, though longer-term upside progress requires a move above $23.50.

Source: ProRealTime

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Gold and silver drop but oil prices hold firm

Gold testing 200-day moving average

WTI steady after Friday’s bounce

Silver heads lower