Gold price trades around $2,500 mark while silver price rises and oil price falls
Gold price trades near all-time high
The price of spot gold rose to a new record high at around $2,509 per troy ounce on Friday, helped by the fact that demand for the precious metal jumped to near the highest level in 14 years in July. Short-term the price of gold may struggle around the psychological $2,500 mark on Monday. If not, the $2,550 region could be eyed next.
Strong support sits between the $2,469 mid-July high and the $2,445-to-$2,480 early to mid-August highs.
Silver price on track for third straight day of gains
The price of spot silver continues to rise and is fast approaching its early August $29.22 per troy ounce high around which and its 55-day simple moving average (SMA) at $29.26 its recent advance may pause. Further up lies the minor psychological $30.00 region.
Minor support can be found between the $28.66 to $25.58 mid-to-late June lows.
Brent crude oil price remains under pressure
The price of Brent crude oil, having last week run out of steam at 81.97 on the front month futures contract, marginally below the 200- and 55-day SMAs at 82.11-to-82.17, remains under pressure with Friday’s low at 78.20 being eyed.
A fall through 78.20 on a daily chart closing basis, could lead to the late July low at 77.95 being revisited.
Minor resistance sits at the mid-August 79.23 low.