Silver price rebounds while Brent crude price makes gains and NY Cocoa prices fall back
Silver prices have recovered from yesterday’s drop, while Brent is also moving higher. Meanwhile, cocoa prices are falling further.
Silver sees choppy trading around recent highs
The surge in spot silver prices suffered a check yesterday, as the price reversed course, but buyers have jumped in this morning.
While still overextended in the short-term, the overall uptrend is intact. Some short-term weakness may take the price back towards the $32.00 zone.
Brent makes gains
Brent crude oil prices shook off some weakness yesterday and finished the session off the lows.
Further gains this morning continue to bolster the view that another higher low has been established. Additional upside targets the $78.00 area, and then on to the highs of early October. A close back below $74.00 might negate this and suggest a retest of last week’s lows.
NY cocoa continues to fall
The latest leg lower in New York cocoa's downtrend from April’s highs has taken it towards the early October lows.
Recoveries in September and October failed to restore the uptrend, and the 7570 area provided resistance, the latter case also coinciding with trendline resistance from the April highs.
October’s low at 6360 is now firmly in sight, and a close below this reinforces the bearish view.
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.
