Brent crude oil price comes off 2 ½ month high as silver price rallies
Brent crude oil price comes off 2 ½ month high as silver price continues its early 2025 rally despite an appreciating US dollar.
Brent crude oil prices trades within key resistance zone
On Thursday the Brent crude oil front month futures price briefly overcame its November-to-December 74.18-to-76.16 sideways trading range resistance area by rising to 76.47 on lower-than-expected crude oil inventories. This key resistance area may nonetheless cap as trading volumes are relatively thin with the majority of big players likely to enter the fray from next week onwards.
Support can now be found between the September and November highs at 75.22-to-74.95 and further minor support at the 74.38-to-74.18 early-to-mid-December highs.
Spot silver price recovery is ongoing
The spot silver price’s early 2025 rally is taking it towards the 200-day simple moving average (SMA) at $29.85 per troy ounce and its late December high at $29.89. If both level were to be exceeded, the October low at $30.12 would be back in the picture.
Strong support remains to be seen between the mid-to-late December lows at $28.78-to-$28.75.
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