Brent crude oil, silver and aluminium price rises stall during US Independence Day holiday
The Brent crude oil price remains close to its 2-month high while silver and aluminium prices stay close to Wednesday’ highs.
Brent crude oil price stays close to its 2-month high
The Brent crude oil front month futures price has Friday’s two-month high at 87.29 in its sights. It was made close to the 87.11 mid-March peak and above it beckons the minor psychological 90 region.
The June-to-July support line at 86.1 is expected to hold, if revisited on Thursday. Below it the 84.72 to 83.17 zone offers solid support. It consists of the January, early March, early and late May highs as well as the 55- and 200-day simple moving averages (SMAs).
Silver price stalls at resistance
On Wednesday the spot silver price broke out of its May-to-June downtrend channel and rallied to $30.67 per troy ounce, close to the $30.85 late June high which acted as resistance. The breached downtrend channel resistance line, now because of inverse polarity a support line, at $30.1 might offer support ahead of the 28 June high at 29.62.
Above the $30.67 to $30.85 resistance zone sits the 7 June high at $31.55.
Aluminium price sees a small bid
The price of aluminium, which dropped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias above that low while being supported by the February-to-June uptrend line at 2,505.
A rise above Wednesday’s 2,561 high is needed for the 55-day SMA at 2,582 to be in focus.
Currently unexpected failure at 2,470 would engage the 2,399 December peak.
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