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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, natural gas prices stabilise while silver price resumes ascent​

​​​Brent crude oil, natural gas prices stabilise after Monday’s sharp sell-off while the silver price resumes its ascent towards last week’s 14-year high.​​

Oil Source: Adobe images

​​​Brent crude oil price stabilises after Monday’s 6% drop

​Israel's restrained military response to Iran's missile attack, which did not target Iranian oil facilities, has led to a 6% drop in Brent crude oil prices on Monday due to easing fears of supply disruptions.

​The Brent crude oil front month futures price on Tuesday morning revisited Monday’s low and so far held at 70.82, marginally above its key 70.31-to-68.53 support zone. It consists of the 10, 26 September and 1 October lows and as such is expected to withstand a first test.

​Minor resistance can be found at the 18 October low at 72.27 and at the price gap which sits between Friday's low and Monday's high at 72.70-to-73.86.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Spot silver price resumes ascent

​The spot silver price’s run up to last week’s $34.87 per troy ounce high, to levels last traded in October 2012, has been followed by a small pullback to Friday’s $33.09 low. From there another up leg is currently being made with the $35.00 region being in focus.

​Only a fall through last week’s low at $33.09 could lead to a protracted consolidation phase below last week’s 14-year high taking shape and the May peak at $32.51 being revisited.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

​US natural gas prices see sharp fall

​Front-month US natural gas futures have swiftly come off last week’s 3.081 high and tumbled by over 6% as the situation in the Middle East seems to be de-escalating following Israel’s retaliatory airstrikes on Iran over the weekend.

​Below Monday’s low at 2.818, the late September low and the August-to-October tentative uptrend line can be spotted at 2.763-to-2.744 ahead of the current October trough at 2.636.

​Minor resistance can be seen at Friday’s 2.944 low and more significant resistance between the current October highs at 3.081-to-3.141.​​

US natural gas chart Source: IT-Finance.com
US natural gas 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.
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