Copper price attacks resistance as silver price rises but Brent crude oil advance stalls
Copper price attacks resistance as silver price rises but Brent crude oil advance stalls amid strong US dollar.
Brent crude oil price advance stalls
The Brent crude oil price is seen coming off its near 3-month high at $77.595 per barrel, hit on Wednesday, but again holds around its October and November highs.
A slip through Thursday's $75.425 intraday 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 Wednesday's $77.275 high needs to take place, for the 200-day simple moving average (SMA) at $78.57 to be reached.
Silver price remains bid
The spot silver price has been trading above its 200-day SMA at $29.92 per troy ounce for the past three days. It needs to exceed Tuesday's $30.38 high for the mid-October low at $30.76 to be reached, ahead of the 55-day SMA and October-to-January downtrend line at $30.99-to-$31.04.
Minor support below the 200-day SMA at $29.92 can be spotted at Monday's $29.41 low.
Copper price attacks resistance
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 right into the $4.26-to-$4.33 resistance zone. It consists of the early December peak, 23 September, mid-October and 23 October lows as well as the mid-December high and as such may at least temporarily cap.
The 200-day SMA at $4.31 currently offers resistance.
A rise above the $4.33 mid-December high is needed, for the November peak at $4.49 to be next in line.
Minor support is now found around the 23 September low at $4.42 with further support coming in at the 19 November high at $4.18.
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
