Gold price and silver price head down while Brent crude price stabilises
Gold does a 180 degree turn
Spot gold saw an impressive reversal yesterday that negated the outlook for a turn higher and has put the sellers back in charge.
The price is heading lower, and towards the 50-day simple moving average (SMA). A close below $2350 opens the way to the 100-day SMA, and then down to the $2280 support zone from May and June.
Buyers will need a close back above $2420 to suggest that a new leg higher could be underway.
Silver at ten-week low
Spot silver also headed lower yesterday, and has dropped sharply today, falling below the $28.50 support zone.
More losses will head towards the May low and possible support around $26.01, with the 200-day SMA not far away from this.
A close back above $29.00 is needed to suggest that the price has stabilised.
Brent losses pause
The Brent crude oil price has moved higher off the lows of the week, avoiding any further downside after it hit a seven-week low on Tuesday.
A higher close today would help to support the view that the price has bottomed, and that a new test of the 200-day SMA could be in prospect.
A close below $80.00 negates this view and suggests a move down towards $78.00 and the June low at $76.78.