Brent crude oil and silver prices come off again
Brent crude oil and silver prices appear to be under short-term pressure in thin festive season trading.
Brent crude oil price still range trades in low volatility
The Brent crude oil front month futures price continues to trade towards the middle of its November to December sideways trading range while capped by the 55-day simple moving average (SMA) at 73.27. Further minor resistance is provided by the 26 December high at 73.77.
A fall through Tuesday to Thursday’s lows at 72.61 - 72.51 may point to the 20 December low at 71.71 as being back on the map.
Key support remains to be seen within the 70.76 - 69.91 support area, with major resistance in the 74.18 - 76.16 zone. This consists of the early to mid-August lows and the late September, and late October to December highs.
Brent crude oil daily chart
Spot silver price range trades amid thin trading
The spot silver price’s 11% drop from its $32.33 per troy ounce 12 December high to last week’s $28.75 low has been followed by a minor bounce to the 200-day SMA at $29.76, around which it has been oscillating in low volatility for all of this week.
Above Monday’s $29.87 and today’s $29.89 intraday high, minor resistance can be spotted around the $30.12 October low.
Minor support is seen between the mid-Septembe to November lows at $29.71 - $29.65, above Monday’s $29.42 low. Further minor support comes in at last week’s $28.75 trough, a fall through which would likely engage the $27.69 September low.
Spot silver daily chart
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