Brent crude oil price falls while silver, aluminium prices continue their ascents
The Brent crude oil price has come off its 2-month high as investors mull over US employment data while silver, aluminium prices remain bid.
Brent crude oil price comes off 2-month high
The Brent crude oil front month futures price has come off Friday’s 2-month high at 87.71 as investors mull over US employment data ahead of this week’s inflation print.
The fall through the June to July uptrend line at 86.96 is short-term bearish and is likely to lead to the late June highs around 8,547 being revisited. Further down lie the 84.72-to-84.32 mid-to-late May highs which are expected to offer support.
Only a rise above last week’s high at 87.71 would push the minor psychological 90.00 region back to the fore.
Silver price trades in 1-month high
Last week the spot silver price broke out of its May to June downtrend channel and rallied to a 1-month high at $31.49 per troy ounce as the US dollar weakened. This high was made close to the $31.55 early June high, a rise above which would likely engage the $32.51 May peak.
Potential slips should find support around Wednesday’s $30.67 high ahead of Friday’s $30.13 low.
Aluminium price continues to grind higher
The price of aluminium, which dropped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias above that low while being supported by the February to June uptrend line at 2,512.
A rise above last week’s 2,561 high is needed for the 55-day simple moving average (SMA) at 2,580 to be next in line.
Only currently unexpected failure at 2,470 would engage the 2,399 December peak.
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