Gold price heads back to recent highs, while silver price and Brent crude price also make gains
Gold targets new highs?
The bounce continues, taking the spot gold price back towards the July record high. For the second time in a month the price rebounded from near the 50-day simple moving average (SMA), and this time the buyers have retained control. A push to new record highs seems likely.
Silver aims for more upside
The spot silver price rebounded over the past three sessions and has reached trendline resistance from mid-July.
A close above $28.00 helps to bolster the bullish view and puts the price on course to test $29.00. A failure to close above $28.00 puts the price on track to the lows of last week, and then the 200-day SMA.
Brent surges through trendline resistance
Brent crude oil prices have been bolstered by ongoing tensions in the Middle East and by signs of stronger US demand.
The price has surged through trendline resistance from its July high, and is now pushing on to the 200-day SMA. It faltered in late July around $81.50, so a close above here helps to bolster the bullish view. In the short-term, the price may retest $80.00 or the now-broken trendline support line.