Spot silver prices remain steady, with the recent low of $27.18 per troy ounce serving as a key support level. The market views silver as having a potential upward bias. For bullish momentum to regain control, silver would need to rise and close above this week’s high of $28.05 on the daily chart. If this occurs, the mid-to-late June lows, ranging between $28.58 and $28.66, could become the next target, although these levels may present resistance.
However, if the $27.18 support fails unexpectedly today, it could lead to a decline, possibly retesting the early August low and the 200-day simple moving average (SMA) at $26.46.
Brent Crude Oil Prices Under Pressure
Brent crude oil prices remain under pressure after stalling earlier this week at $81.97 on the front-month futures contract, just below the 200-day SMA at $82.12.
A drop below Wednesday’s low of $79.23 on a daily closing basis could trigger a decline toward the late July low of $77.95.
Natural Gas Prices Face Technical Resistance
Front-month natural gas futures are encountering resistance at the 200-day SMA, currently at $2.342, after peaking at $2.350 on Wednesday. These levels remain in focus, and a breakout above them could lead to a test of the 55-day SMA at $2.461 and possibly the late May low of $2.533.
For now, the immediate upward pressure on natural gas prices is likely to persist as long as Tuesday’s low of $2.214 provides support.