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Gold and silver higher, while oil prices look to move upwards again​​​​


KoketsoIG

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Commodity prices have been given some respite from the stronger dollar, and precious metal bulls will be hoping for a change in trend from recent losses.

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Source: Bloomberg
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 14 August 2023 11:06

Gold edges higher

The price has moved slightly higher this morning, halting the run to the downside for now. A close above $1930 would still be needed to suggest that the buyers have managed to wrest some control back from sellers.

The zone around $1900 may continue to provide support, but a close below the 200-day SMA would certainly contribute to the negative medium-term view.

original-size.webpSource: ProRealTime

WTI bulls refuse to go quietly

While the price remains off last week’s highs, the buyers are not giving up easily. Friday’s session ended in indecisive fashion, and already buyers have come in at the lows on Monday morning.

A close below $81 might signal some additional near-term weakness is developing. Buyers will want a close back above $84 to suggest that a new leg higher has begun.

original-size.webpSource: ProRealTime

Silver downside stalled for now

Like gold, silver has suffered a severe rebuff since mid-July. For the moment, buyers have defended the area just above $22.50, and this might yet result in a low being created. A close back above the 200-day SMA might reinforce the bullish view, and potentially open the way to the highs above $25.

Sellers will want a close back below $22.50 to resume the downward move, and this would then open the way to the late June lows at $22.20.

original-size.webpSource: ProRealTime

- KoketsoIG

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