Brent crude oil rally stalls while copper, silver prices rise
Brent crude oil rally stalls while copper, silver prices rise amid weakening US dollar.
Brent crude oil comes off near three-month high
The Brent crude oil price is seen coming off its near three-month high at $77.275 per barrel, hit on Monday, but holds around its October and November highs. Nonetheless, a slip through Monday's $75.745 low may engage the 22 November high at $74.885 which may offer support. If not, the early to mid-December highs at $74.315 to $74.125 may do so.
A rise above Monday's $77.275 high is needed, for the 200-day simple moving average (SMA) at $78.69 to be next in line.
Brent crude oil daily chart
Silver price rallies
The spot silver price’s early 2025 rally has taken it above its 200-day SMA at $29.88 per troy ounce to Monday's $30.34 high. If overcome, the mid-October low at $30.76 may be reached, ahead of the 55-day SMA and October to January downtrend line at $31.14 to $31.18.
Minor support below the 200-day SMA at $29.88 sits at Monday's $29.41 low.
Silver daily chart
Copper price recovery is ongoing
The copper price’s recovery from its early January $4.00/lb low, made near its November trough and major psychological support, has so far taken it to its September to January downtrend line which on Monday acted as resistance at $4.20.
Were this level to be exceeded, the early December peak at $4.26 would be in focus, ahead of the 23 September, mid-October and 23 October lows as well as the mid-December high at $4.27 to $4.33. This area represents significant resistance.
Potential slips may find support along the 55-day SMA and the late December high at $4.15.
Copper daily chart
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