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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.

​Silver, Brent crude oil price stabilize while wheat prices rally​

​​​Silver, Brent crude oil price stabilize while wheat prices rally​ as investors await US employment data.​

Silver Source: Adobe image

​​​Brent crude oil price tries to stabilize

​Following Brent crude oil futures’ prices sharp fall to levels last traded in June 2023 on worsening US and China economic data amid ample supply, a minor bounce ahead of US ADP and non-farm employment data releases is seen.

​Minor resistance sits between the 5 and 21 August lows at 74.97-to-75.24 on the front month futures contract. This is expected to cap on Thursday, were it to be reached at all.

​A fall through 72.26 would likely engage the May-to-June 2023 lows at 71.85-to-71.51.

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

​Spot silver price bounces back

​Following three straight days of falling spot silver prices on the back of US dollar strength to Tuesday’s $27.71 per troy ounce low, a minor bounce is currently taking shape. The mid- to late June lows at $28.58-to-$28.66 as well as the 22 August low at $28.78 represent possible upside targets.

​Were a slip through this week’s low at $27.71 to be seen, though, the 200-day simple moving average (SMA) at $26.46 and the August trough at $26.46 would be back in sight.

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

​US wheat

US wheat futures prices have so far seen six consecutive days of gains from their 521 August low amid supply concerns with the 200-day SMA at 592 and the July high at 596 representing an upside target zone. There the recent advance may run out of steam, however, as it represents resistance.

​Minor support comes along the mid-July to mid-August highs at 565-to-564. Further potential minor support is seen along the 55-day SMA at 558.

US wheat chart Source: IT-Finance.com
US wheat chart Source: IT-Finance.com

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