Brent crude oil price bounces off support while silver, copper price drops stall
Brent crude oil price bounces off support while silver, copper price drops stall amid weaker US dollar caused by US President Trump’s tariff policy uncertainty.
Brent crude oil bounces off support
The Brent crude oil price bounces off September-to-March support zone at $68.455-to-$68.215 amid ongoing concerns about the impact President Trump's tariff policy might have on the US and global economy.
While this support zone underpins, a short term bounce towards the $70.23-to-$71.185 resistance area may unfold. It is made up of the October-to-December lows and 7 March high and as such is expected to cap this week.
A fall through last week's $68.22 low would put the December 2021 low at $65.68 on the map.
Silver price recovers
The spot silver price's rally from its 28 February low at $30.81 per troy ounce has taken it to last week's $32.76 high before giving back gains for three straight days.
On Tuesday a recovery rally from its intraday $31.81 low seems to be propelling the silver price back towards last week's peak at $32.76 amid heightened uncertainty regarding the US economy. Above $32.76 lies the February peak at $33.39.
Below Tuesday's $31.81 intraday low the 2025 uptrend line and 55-day simple moving average (SMA) can be spotted at $31.15.
Copper price continues to come off key resistance zone
The copper price is still coming off its $4.8368-to-$4.8518 February to current March highs, having declined for four days straight.
The February-to-March uptrend line at $4.5858 may offer support in the short term.
Minor resistance sits at the $4.7015 late February high.
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