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​​Brent crude oil price falls further while gold price keels over as aluminium price grinds higher

​​​The Brent crude oil price slips further from its 2-month high as investors await Jerome Powell’s testimony. Gold price drops as aluminium price retains mildly bullish stance.

Oil Source: Adobe images

​​​Brent crude oil price comes further off its 2-month high

Brent crude oil front month futures are on track for their third day of falling prices from their Friday 2-month high at 87.71 as investors await US Federal Reserve (Fed) Chair Jerome Powell’s senate banking committee testimony.

​The fall through the June-to-July uptrend line puts the 84.72-to-84.32 mid-to-late May highs on the map. This area is expected to withstand the initial test as support, though.

​Only a rise above last week’s high at 87.71 would push the minor psychological 90.00 region back to the fore.

Brent Crude Oil chart Source: IT-Finance.com
Brent Crude Oil chart Source: IT-Finance.com

​Gold price keels over

​The spot gold price seems to be once again keeling over, having made a six-week high at $2,393 per troy ounce on Friday. A fall through Monday’s $2,352 low would engage the 55-day simple moving average (SMA) at $2,341 ahead of the 24 May low at $2,326 and the early July low at $2,319. A fall through Monday’s low at $2,319 could lead to the May-to-June lows at $2,294-to-$2,278 being revisited. This support area is key for the medium-term trend.

​Only a rise above last week’s high at $2,393 may lead to the $2,400 region being reached ahead of the $2,431 April high.

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

​Aluminium price continues to advance slowly

​The price of aluminium, which slipped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias. It continues to be supported by the February-to-June uptrend line at 2,516.

​A rise above last week’s 2,561 high is needed for the 55-day SMA at 2,577 to be reached.

​Only currently unexpected failure at 2,470 would engage the 2,399 December peak.

Aluminium chart Source: IT-Finance.com
Aluminium chart Source: IT-Finance.com

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