Brent crude oil, silver and wheat prices drop on Middle East de-escalation
Brent crude oil, silver and wheat prices drop on hopes of a Hezbollah and Israel ceasefire deal.
Brent crude oil price drops on hopes of Israel/Lebanon ceasefire deal
The Brent crude oil front month futures price came to within a whisker of its 74.97 to 76.16 resistance zone before dropping rapidly on hopes of Hezbollah and Israel agreeing to a ceasefire deal.
The mid-October low at 72.27 is thus being revisited, below which lies the key technical support zone at 70.64 to 69.91. Further sideways trading between these main support and resistance areas is expected to be seen.
Minor resistance is seen along the 55-day simple moving average (SMA) at 73.95 and minor support around the 12 November low at 71.48.
Brent crude oil daily chart
Spot silver price retests uptrend line
The spot silver price dropped in line with the spot gold prices on de-escalation in the Middle East with the August-to-November uptrend line at $29.99 per troy ounce being revisited. Together with the current November low at $29.68 it may offer support. If not, the early August high at $29.22 might be hit ahead of the 200-day SMA at $29.00.
Minor resistance can be found at the 21 November $30.65 low and along the October to November downtrend line at $31.24. While the next higher 19 November high at $31.54 and the 55-day SMA at $31.63 cap, downside pressure should retain the upper hand.
Spot silver daily chart
US wheat price slips back to three-month low
The US wheat price has seen three straight days of lower prices with the current November low at 544 being back in sight. Slightly above it the August to November tentative support line at 547 may offer support. Failure at both levels would engage the late August low at 521.
Minor resistance above the 20 November low at 562 can be spotted along the October to November downtrend line at 573 and at last week’s 576 high. While remaining below it, the medium-term downtrend will stay intact.
US wheat daily chart
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.
