Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​Oil price halts decline as silver, orange juice prices slip​​

​​​Oil price halts decline as silver price drops and orange juice prices come off record highs ahead of Friday’s US Non-Farm Payrolls.​​

Oil Source: Adobe images

​​​Brent crude oil bounces back

​The drop in the Brent crude oil futures’ price from last week’s 80.61 high has taken it to Monday’s 76.13 low amid expectations of growing supply as OPEC recently announced plans to increase production. Below Monday’s low at 76.13 lies strong support between the 75.24-to-74.97 early- to mid-August lows.

​While 76.13 underpins, last Tuesday’s low at 78.60 might be revisited.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Spot silver price on track for third straight day of falling prices

​Last week the spot silver price topped out at $30.19 per troy ounce with it now being on track for its third straight day of falling prices. The mid-August high at $28.05 represents the next downside target ahead of the late July-to-mid-August lows at $27.31-to-$27.18.

Resistance can be spotted around the 22 August low at $28.79 and the 55-day simple moving average (SMA) at $29.20.

Spot silver chart Source: ProRealTime
Spot silver chart Source: ProRealTime

​Orange juice price likely topping out

​Following last week’s swift sell-off from their 487.93 record high, front month orange juice futures prices staged a minor comeback from last week’s 438.38 low to Friday’s 466.99 high. This may be followed by further downside as long as the May and August peaks at 482.54-to-487.93 cap on a daily chart closing basis.

​A slip through last week’s low at 438.38 would engage the 55-day SMA at 434.70 and the January-to-September uptrend line at 428.40.

Orange juice chart Source: ProRealTime
Orange juice chart Source: ProRealTime

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

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.