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.
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
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
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
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