Oil declines as markets ignore supply concerns.

After climbing by over 1% the previous session, oil prices fell on Wednesday as investors ignored concerns over production curbs from Saudi Arabia and Russia and a strong dollar limited the upside.

The output cuts from OPEC+ will leave the market with a wider than-anticipated deficit throughout the fourth quarter of 2023, according to analysts at Rystad Energy and ING Economics, which should support prices.

According to an official from the energy ministry, Saudi Arabia would extend its voluntary 1 million barrels per day (bpd) oil output cut for an additional three months, ending in December 2023.

Gold prices are under pressure as the dollar approaches a 6-month high.

The overnight rise in the dollar and Treasury rates limited gold price movement in Wednesday’s Asian trade as markets expected additional hints on U.S. monetary policy from several Federal Reserve officials this week.

Even though the yellow metal recently saw a remarkable recovery from five-month lows, recent sessions have seen it stall due to pressure from the dollar’s and yields’ resurging strength.

This winter’s supply of natural gas is better, according to a Chevron executive.

Copper prices rise as investors cheer Beijing’s attempts to support the real estate sector.

Gold is trading down (0.11%) at 1923.46, Silver is down (0.62%) at 23.38, Palladium is down (1.16%) at 1197.50, Platinum is down (1.31%) at 962.73, Brent Crude Oil is down (0.72%) at 89.39, WTI Crude Oil down (0.70%) at 86.05.

SILVER: TECHNICAL OVERVIEW

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 23.61, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 23.98, signalling a Buy sentiment.
• EMA 50: The 50-day EMA currently sits at 23.89, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 23.62, reinforcing the Sell recommendation.
• SMA 20: With a value of 24.22 the 20-day SMA also supports a Sell sentiment.
• SMA 50: The 50-day SMA registers at 23.79, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 34.37, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 23.90
• Support: The support level is identified at 23.39

Summary And Trade Suggestions

In summary, the technical analysis of silver points towards a Sellsentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 23.22
• Take Profit: 22.65
• Stop Loss: 23.68

BRENT CRUDE OIL: TECHNICAL OVERVIEW

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 89.10, indicating a Buy signal.
• EMA 20: The 20-day EMA is at 87.40, signalling a Buy sentiment.
• EMA 50: The 50-day EMA currently sits at 85.82, suggesting a Buy indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 89.10, reinforcing the Buy recommendation.
• SMA 20: With a value of 87.02 the 20-day SMA also supports a Buy sentiment.
• SMA 50: The 50-day SMA registers at 85.09, affirming a Buy indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 68.61, signifying a positive signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 89.69
• Support: The support level is identified at 88.33

Summary And Trade Suggestions

In summary, the technical analysis of Brent crude Oil towards a Buy sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a long position.

Trade Suggestion:

• Entry Point: 90.20
• Take Profit: 92.51
• Stop Loss: 88.69