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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.

Brent crude oil price drops while silver, aluminium prices hold at support

​​​Brent crude oil price drops while silver, aluminium prices hold at support as US dollar edges higher on tariff concerns.

Silver Source: Adobe images

​​​Brent crude oil price drops further

The Brent crude oil price's fall through the $73.98 to $73.72 support zone has so far taken it to $71.89 with the $71.61 late December low remaining in sight. Below it lies the major October to December lows support zone which is seen at $70.70 to $70.23.

The previous support zone, because of inverse polarity, has now become a resistance zone at $73.72 to $73.98.

Brent crude oil daily chart

Brent crude oil chart Source: TradingView.com
Brent crude oil chart Source: TradingView.com

​Silver price stabilises near support

The Brent crude oil price's fall through the $73.98 to $73.72 support zone has so far taken it to $71.89 with the $71.61 late December low remaining in sight. Below it lies the major October to December lows support zone which is seen at $70.70 to $70.23.

The previous support zone, because of inverse polarity, has now become a resistance zone at $73.72 to $73.98.

Brent crude oil daily chart

Spot silver chart Source: TradingView.com
Spot silver chart Source: TradingView.com

​Aluminium price looks to be short-term side-lined

Front month aluminium futures are seen hovering above this and their mid-February lows at 256.95 to 256.00. While this minor support zone and the January to February tentative uptrend line at 255.95 underpin, the medium-term uptrend remains intact.

A rise above Wednesday's and the 11 February highs at 261.80 to 262.20 could lead to the gap with last Friday's low at 263.80 being closed.

Failure at 255.95 on a daily chart closing basis may put the late January high at 253.30 on the map.

Aluminium daily chart

​Aluminium chart Source: TradingView.com
​Aluminium chart Source: TradingView.com

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