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.
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.
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.
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.
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