Brent crude oil price stabilises while silver, wheat prices continue to slide
Brent crude oil price stabilises while silver, wheat prices continue to slide amid rising US Treasury yields and a strengthening US dollar.
Brent crude oil price stabilises
The Brent crude oil front month futures price has fallen by over 6% from last week’s 76.13 high, which was made right within the major 75.24-to-76.16 resistance zone, to this week’s 70.64 low, above which it now stabilises. This low was made marginally above the key 70.29-to-68.53 support zone which is expected to once more hold, were it to be revisited.
Minor resistance above the 18 October low at 72.27 can be spotted at the 6 November 73.26 low.
Spot silver price drops through uptrend line
The spot silver price has fallen by 14% from its 12-year $34.87 per troy ounce high to below the $30.00 mark. In doing so, it has slid through its August-to-November uptrend line at 30.31. This should now act as resistance, together with the 6 November low at $30.84 and Wednesday’s high at $31.15.
The next downside target is the early August high at $29.22.
US wheat price drops to new three-month low
US wheat prices fell by 5% in the course of the week and hit a new three-month low at 550 on Wednesday. A fall through it would put the 529-to-521 July-to-August lows on the map.
Minor resistance can now be spotted around the 573 late October low.
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