Brent crude oil, gold and aluminium prices resume their ascents
The Brent crude oil price is seen heading towards its two-month high while gold and aluminium prices are recovering as well.
Brent crude oil price rises towards its two-month high
The Brent crude oil front month futures price is heading back up towards Friday’s two-month high at 86.13, above which beckons the 87.11 mid-March peak ahead of the minor psychological 90.00 region.
The June-to-July support line at 84.81 currently underpins. Below it the 84.72-to-83.25 zone should offer solid support. It consists of the January, early March, early and late May highs as well as the 55- and 200-day simple moving averages (SMAs).
Gold price remains above key support
Last week the spot gold price was capped by the 55-day simple moving average (SMA) at $2,341 per troy ounce which acted as resistance. Nonetheless, the precious metal price remains above last week’s low at $2,294. This is part of a significant support zone which reaches all the way to the $2,278 May trough. As long as this support zone holds, an eventual rise above the 55-day simple moving average (SMA) at $2,341 should unfold with the 21 June high at $2,368 then being eyed.
Aluminium price continues to range trade
The price of aluminium, which dropped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade in relatively low volatility above that low while being supported by the February-to-June uptrend line at 2,493.
A rise above the 21 and 28 June highs at 2,537 to 2,542 is needed for the 55-day simple moving average (SMA) at 2,582 to be back on the map.
Failure at 2,470 would engage the 2,399 December peak.
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