Copper price attacks resistance as silver price rises but Brent crude oil advance stalls
Copper price attacks resistance as silver price rises but Brent crude oil advance stalls amid strong US dollar.
Brent crude oil price advance stalls
The Brent crude oil price has retreated from its near three-month high of $77.595 per barrel, achieved on Wednesday, but continues to hover around its October and November highs. A drop below Thursday's intraday low of $75.425 could test the 22 November high at $74.885, which may provide support. If this level fails to hold, the early to mid-December highs ranging from $74.315 to $74.125 could serve as the next support levels.
For the price to approach the 200-day simple moving average (SMA) at $78.57, a rise above Wednesday's high of $77.275 is necessary.
Brent crude oil daily chart
Silver price remains bid
The spot silver has consistently traded above its 200-day SMA at $29.92 per troy ounce over the past three days. To reach the mid-October low of $30.76, the price must surpass Tuesday's high of $30.38, setting the stage for a potential challenge of the 55-day SMA and the October to January downtrend line, which range between $30.99 and $31.04.
Minor support below the 200-day SMA at $29.92 is evident at Monday's low of $29.41.
Silver daily chart
Copper price attacks resistance
The copper price's recovery from its early January low of $4.00 per pound, a level near its November trough and a significant psychological support, has propelled it directly into the resistance zone of $4.26 to $4.33. This zone includes the early December peak, the 23 September, mid-October, and 23 October lows, as well as the mid-December high, which may at least temporarily cap gains.
The 200-day SMA at $4.31 is also currently acting as resistance. For the price to target the November peak at $4.49, a rise above the $4.33 mid-December high is necessary.
Minor support is now evident around the 23 September low at $4.42, with additional support at the 19 November high of $4.18.
Copper daily chart
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