WTI rally pauses while gold, silver consolidate
Outlook on WTI, gold and silver as volumes dry up ahead of the festive season.
WTI rally pauses
Following four consecutive days of gains due to several attacks by Houthi militants on ships in the Red Sea, front month WTI futures are losing upside momentum as US and UK war ships are expected to step up their protection of the shipping lane. WTI thus remains below its October-to-December downtrend line at 75.04 and may well revisit its 72.38 mid-November low. Further down sits Monday’s 70.98 low.
Gold consolidates around $2,025 mark
Spot gold’s rally from last week’s $1,974 per troy ounce low has been thwarted by the breached October-to-December uptrend line, now because of inverse polarity a resistance line, with the precious metal now trading below it. While Friday’s low at $2,016 underpins, last week’s high at $2,048 may be revisited. If it were to be bettered, 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, though, 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 offer support.
Silver consolidates above 200-day simple moving average
Spot silver’s swift rally off last week’s $22.51 per troy ounce low ran out of steam at Friday’s $24.29 high and has since consolidated between it and the 200-day simple moving average (SMA) at $23.60. Support below it lies at the $23.31 early November high and comes in along the 55-day simple moving average (SMA) at $23.22. Above $24.29 lies the August peak at $25.01.
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