Brent crude oil, silver prices under pressure while copper price probes resistance
Brent crude oil, silver prices under pressure while copper price probes resistance following this week’s swift ascent
Brent crude oil price slips further still
The Brent crude oil price continues its descent, now trading below its 55-day simple moving average (SMA) at $74.89 per barrel.
A fall through Tuesday's low at $73.99 would open the way for the $73.00 region to be reached.
Minor resistance above the 55-day SMA at $74.89 can be spotted at the 9 January low at $75.43.
While trading below the next higher early February high at $77.05, the recent downtrend remains intact.
Brent crude oil daily chart
Silver price advance stalls
The spot silver price revisited and briefly overcame its mid-December $32.33 per troy ounce high by rising to $32.54 on Wednesday before stalling.
A slip back towards the 30 January high at $31.73 is at hand. Further minor support can be found between the 19 and 25 November highs at $31.53 to $31.48.
Were a rise above this week's high at $32.54 to unfold, the late September and early October 2024 highs at $32.71 to $32.96 would be next in line.
Silver daily chart
Copper price attacks resistance
The copper price’s swift advance has taken it to its key $4.4933 to $4.4983 resistance zone, which is made up of the 11 October and 6 November 2024 highs. If overcome on a daily chart closing basis, the early October 2024 high at $4.6668 would be targeted ahead of the September 2024 peak at $4.7883.
Potential slips may find support around the mid-January high at $4.4698 and the 21 October 2024 high at $4.4568.
Copper daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
Live prices on most popular markets
- Forex
- Shares
- Indices
