Brent crude oil price probes resistance, silver price levels out while wheat price is side-lined
The Brent crude oil price probes resistance following a postponed OPEC+ output increase as the silver price levels out while US wheat prices stay side-lined.
Brent crude oil price rises on OPEC+ postponed output increases
The Brent crude oil front month futures price rose by over 2% on Wednesday as OPEC+ postponed planned output increases by a month and reached the major 75.24-to-76.16 resistance zone. It consists of the August lows as well as the late September and late October highs. This resistance area is expected to cap, at least short-term.
While no rise above 76.16 is seen, a slip back towards the mid-October low at 72.27 is expected to unfold. Further down lies the major 70.29-to-68.53 support zone.
Above 76.16 lies the significant 80.61-to-81.97 resistance area.
Spot silver price drop slows down
The spot silver price’s descent from its 12-year $34.87 per troy ounce high has so far taken it to $32.25 before levelling out. This low was made right between the May-to-July highs at $32.51-to-$31.75 which act as support.
While the $32.51-to-$31.75 support area underpins, a rise to the $32.96 early October high should unfold. Further up minor resistance can be found around the 25 October low at $33.09 and more significant resistance at the recent $34.55-to-$34.87 highs.
Failure at $31.75 would put the late August high at $30.19 on the cards.
US wheat price continues to range trade in low volatility
US wheat futures prices have been side-lined for the past week, having bounced off their 573 low and been capped by the 200-day simple moving average (SMA) at 588.
A rise above not only Wednesday’s high at 594 but also the 25 October high at 598 is needed for a bullish breakout to unfold.
Minor support can be found between the 55-day SMA and 22 October low at 581.5-to-579 ahead of the October low at 573. Further down sits the 9 September low at 564.
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