Brent crude oil front month futures hit their late June low again before bouncing back from a Wednesday low of $83.70. The price is now moving towards the July 3 low of $85.74, with last week’s high of $87.71 above that level.
If the price were to fall through the $83.70 mark, support might be found at the 55-day and 200-day simple moving averages (SMAs) at $83.50 and $83.00, respectively.
Gold Price Rises
The spot gold price is edging higher towards its six-week high of $2,393 per troy ounce, reached last Friday. Above this level, the price is approaching the $2,400 mark and the April high of $2,431.
For now, the May-to-July downtrend line at $2,386 might act as a cap, as it did on Wednesday.
A drop below Tuesday’s low of $2,350 would bring the 55-day SMA at $2,343 into play, ahead of the May 24 low of $2,326 and the early July low of $2,319.
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Silver Price Remains Stable
The spot silver price continues to trade sideways, remaining below its July peak of $31.49 but above its July 5 low of $30.13.
A rise above the June 7 high of $31.55 is needed for the May high of $32.51 to come into focus. Conversely, a drop below $30.13 may lead to revisiting the 55-day SMA at $29.57 and the May-to-July uptrend line at $29.29.