Brent crude oil price remains bid, while silver and wheat prices are under pressure
Brent crude oil price remains bid, while silver and wheat prices are under pressure amid strong US dollar.
Brent crude oil price nears resistance
The Brent crude oil front month futures price continues to rise from its early December 70.76 low amid ongoing global crude supply concerns.
The rise above the 55-day simple moving average (SMA) at 73.93 puts the early December and last week’s highs at 74.18 to 74.38 on the map. If bettered, the key 74.95 to 76.16 resistance area will be back in sight.
Minor support is seen at the late November 73.31 high and major support in the 70.76 to 69.91 zone.
Brent crude oil daily chart
Spot silver price drops towards support
The spot silver price has come off last week’s $32.33 per troy ounce high and so far slipped to $30.29, to not far above its $30.12 October low. Were it to give way, the mid-to-late November lows at $29.68 to $29.65 would be eyed. Together with the 200-day SMA at $29.55 these levels are expected to once again hold, though.
For the bulls to have a say, Friday’s high at $31.10 would need to be exceeded. Only then could the 55-day SMA at $31.67 be back in the picture.
Silver daily chart
US wheat price retreats from three-week high
The US wheat price’s advance from its November and early December three month lows at 544 to 542 has taken it to last week’s 570 high, close to the 21 November low at 576, before keeling over again. It now flirts with the breached October-to-December downtrend line which, because of inverse polarity, now acts as a support line at 551.
Further down lie the 544 to 542 November to December lows which should once more offer support. Only a fall through the 542 early December low would likely engage the late August low at 521.
US wheat daily chart
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