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 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 2,47 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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
