Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​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.

Oil Source: Getty Images

​​​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).

Brent Crude Oil Daily Chart Source: IT-Finance.com
Brent Crude Oil Daily Chart Source: IT-Finance.com

​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.

Spot Silver Daily Chart Source: IT-Finance.com
Spot Silver Daily Chart Source: IT-Finance.com

​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.

Aluminium Daily Chart Source: IT-Finance.com
Aluminium Daily Chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

React to volatility on commodity markets

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

See opportunity on a commodity?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a commodity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Analyse and deal seamlessly on fast, intuitive charts
  • Get spreads from just 0.3 points on Spot Gold
  • See and react to breaking news in-platform

See opportunity on a commodity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.