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Brent crude oil price tests resistance while silver price rise runs out of steam, aluminium holds
Brent crude oil price tests resistance while silver price rise runs out of steam, aluminium hovers above support for second straight week.
Brent crude oil price probes resistance
The Brent crude oil price probes last week's high at $65.74, a sustained rise above which would likely engage the 7 April $67.11 high. Further up lie the September-to-March lows at $68.215-to-$68.455.
Minor support below Monday's $63.635 low sits between the previous Monday's $62.305 low and Tuesday's $62.195 trough.
Aluminium futures prices hover above eight month low
Front month aluminium futures remain under pressure but still hover above last week's 228.70 eight month low.
While last week's high at 236.70 isn't overcome, the steep downtrend from aluminium's near three-year 268.35 high remains intact.
Above the 236.70 level resistance can be seen along the 200-day simple moving average (SMA) at 239.97.
Silver price advance is beginning to lose upside momentum
The spot silver price's recovery off its eight month $28.315 per troy ounce low has taken it to Wednesday's $33.11 high before settling around the 55-day SMA at $32.47 which has acted as resistance at the beginning of the week.
Because of inverse polarity, it may now act as minor support ahead of Thursday's $32.13 intraday low.
Further minor support may be found around the 11 March low at $31.81, below which meanders the 200-day SMA at $30.95.
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