Brent crude oil price rises again while aluminium, silver prices slip
A larger-than-expected drawdown in US crude inventories led to a bullish reversal in the Brent crude oil price while aluminium and silver prices slip.
Brent crude oil price recovers from 1-month low
The Brent crude oil price followed three straight sessions of falling prices with a bullish engulfing pattern on the daily candlestick chart with last week’s high at 85.81 being in focus. The bullish reversal happened following a larger-than-expected drawdown in US crude inventories.
A rise above 85.81 would point towards the last couple of weeks corrective move lower having ended with a rise towards the 90.00 mark being back in the pipeline.
Potential slips should find support along the breached two-week downtrend line at 84.28 and around the late June and 10 July lows at 83.74-to-83.70.
Silver price remains side-lined
The spot silver price continues to trade sideways below its $31.49-to-$31.75 per troy ounce July peaks while remaining above the 55-day simple moving average (SMA) at $29.93.
A rise above the 11 July high at $31.75 is needed for the $32.51 May high to be back on the cards whereas a fall through $29.93 may lead to the May-to-July uptrend line at $29.62 being revisited.
Aluminium price drops to new 3-month low
The aluminium price’s slip through its 2,470 mid-June low is taking it to a new 3-month low with the December-to-January highs at 2,399-to-2,398 representing a possible downside target zone.
Immediate bearish pressure should be maintained while no rise above the last reaction high on the daily candlestick chart, made on 11 July at 2,508, is seen. Resistance below this level can be spotted at the 2,470 mid-June low.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
