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Aluminium, Brent crude oil prices slip on rising US dollar and China demand concerns as silver price stays side-lined

​​​A stronger US dollar and China demand uncertainties are weighing on the oil and aluminium price while silver price remains stable.

Oil Source: Getty Images

​​​Brent crude oil price slips to 1-month low

​The Brent crude oil price is on track for its third straight session of falling prices as demand uncertainties in top consumer China and a rising US dollar weigh on it. Front month futures are revisiting their late June and last week’s lows at 83.71-to-83.70, below which meander the 55- and 200-day simple moving averages (SMAs) at 83.34 and 82.96. These may act as support. If not, the early May low at 81.60 would be eyed.

​The July resistance line comes in at 85.06 and while below there, downside pressure should prevail.

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

​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 its 5 July low at $30.13.

​A rise above the 11 July high at $31.75 is needed for the $32.51 May high to be back on the map whereas a fall through $30.13 may lead to the 55-day SMA at $29.79 and the May-to-July uptrend line at $29.50 being revisited.

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

​Aluminium price drops to 3-month low

​The price of aluminium has now fallen through its 2,470 mid-June low and is trading at a 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.

Aluminium chart Source: IT-Finance.com
Aluminium chart Source: IT-Finance.com

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