Silver price rebounds while Brent crude price makes gains and NY Cocoa prices fall back
Silver prices have recovered from yesterday’s drop, while Brent is also moving higher. Meanwhile, cocoa prices are falling further.
Silver sees choppy trading around recent highs
The surge in spot silver prices suffered a check yesterday, as the price reversed course, but buyers have jumped in this morning.
While still overextended in the short-term, the overall uptrend is intact. Some short-term weakness may take the price back towards the $32.00 zone.
Brent makes gains
Brent crude oil prices shook off some weakness yesterday and finished the session off the lows.
Further gains this morning continue to bolster the view that another higher low has been established. Additional upside targets the $78.00 area, and then on to the highs of early October. A close back below $74.00 might negate this and suggest a retest of last week’s lows.
NY cocoa continues to fall
The latest leg lower in New York cocoa's downtrend from April’s highs has taken it towards the early October lows.
Recoveries in September and October failed to restore the uptrend, and the 7570 area provided resistance, the latter case also coinciding with trendline resistance from the April highs.
October’s low at 6360 is now firmly in sight, and a close below this reinforces the bearish view.
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