Silver price surges, and Brent crude price rises, while cocoa price hits five-month high
Silver has rallied strongly to start the week, while a recovery in oil prices goes on. Meanwhile, cocoa prices have surged to a multi-month high.
Silver makes strong gains
Spot silver prices enjoyed a healthy surge yesterday, hitting a one-month high.
After seeing some volatility around the lows in the region of $30.50, the sellers appear to have surrendered control to the buyers, and a new push higher is underway. Over time further gains will target the highs from late October. $30.00 remains as support for the time being.
Brent crude rises
While the Brent crude oil price was unable to hold on to all the gains made yesterday, it did succeed in continuing to move higher.
Early trading this morning has continued the push higher and leaves the price on track to test the $74.00 level, if gains continue. Beyond that, the $75.00 area remains key to any further upside. Support around $70.50 continues to hold for now.
Cocoa hits five-month high
The surge in the New York cocoa price continues here, after months of gentle declines. Having finally hit a low in late October, the price has soared once again and is now back at levels last seen in June.
The last time the price reached these levels, it then headed sharply lower. In the short-term momentum to the upside remains strong, but the price looks overstretched.
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