WTI, gold and silver remain bid as risk on sentiment prevails
Outlook on WTI, gold and silver amid a weaker U.S. dollar.
WTI recovers on China’s pledge to support economic growth
WTI’s recovery on signs of tightening global oil supply and China’s pledge to support economic growth has taken it back above its May peak at $74.70. Above it lurk the 200-day simple moving average (SMA) at $76.79 and last week’s high at $77.17. These levels are expected to be reached provided that this week’s low at $73.78 holds. It was made close to the mid-May and early June highs at $73.89 to $73.82. Should $73.78 be fallen through, minor support around the $72.70 late June high may be reached instead.
Gold flirts with the June high
Gold continues to accelerate higher amid a depreciating U.S. dollar and has Tuesday’s two-month high at $1,984 per troy ounce in its sights, a rise above which would put the psychological 2,000 mark back on the cards. Further up sits the $2,009 March high. Minor support comes in at the mid-July high at $1,963 and also along the 55-day simple moving average (SMA) at $1,959. While the next lower $1,946 Monday low underpins, upside pressure should be maintained.
Silver trades in two-month highs
Silver’s swift advance is losing upside momentum but the precious metal remains shorty-term bullish while it stays above Monday’s $24.61 per troy ounce low. The next potential upside target is the 20 April high at $25.49, followed by the April and May peaks at $26.09 to $26.13. Were a slide through this week’s low at $24.61 to be seen, the June high at $24.52 should offer support.
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