Brent crude oil price falls further while gold price keels over as aluminium price grinds higher
The Brent crude oil price slips further from its 2-month high as investors await Jerome Powell’s testimony. Gold price drops as aluminium price retains mildly bullish stance.
Brent crude oil price comes further off its 2-month high
Brent crude oil front month futures are on track for their third day of falling prices from their Friday 2-month high at 87.71 as investors await US Federal Reserve (Fed) Chair Jerome Powell’s senate banking committee testimony.
The fall through the June-to-July uptrend line puts the 84.72-to-84.32 mid-to-late May highs on the map. This area is expected to withstand the initial test as support, though.
Only a rise above last week’s high at 87.71 would push the minor psychological 90.00 region back to the fore.
Gold price keels over
The spot gold price seems to be once again keeling over, having made a six-week high at $2,393 per troy ounce on Friday. A fall through Monday’s $2,352 low would engage the 55-day simple moving average (SMA) at $2,341 ahead of the 24 May low at $2,326 and the early July low at $2,319. A fall through Monday’s low at $2,319 could lead to the May-to-June lows at $2,294-to-$2,278 being revisited. This support area is key for the medium-term trend.
Only a rise above last week’s high at $2,393 may lead to the $2,400 region being reached ahead of the $2,431 April high.
Aluminium price continues to advance slowly
The price of aluminium, which slipped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias. It continues to be supported by the February-to-June uptrend line at 2,516.
A rise above last week’s 2,561 high is needed for the 55-day SMA at 2,577 to be reached.
Only currently unexpected failure at 2,470 would engage the 2,399 December peak.
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