Brent crude oil, silver prices rise while US wheat price advance takes a breather
Brent crude oil, silver prices rise while US wheat price advance loses upside momentum.
Brent crude oil price gains further still
The Brent crude oil front month futures price continues to bounce off last week’s 70.76 low amid concerns of tight global crude supplies due to the 15th EU sanctions package targeting Russian oil and US comments pointing to further restrictions.
The 55-day simple moving average (SMA) at 73.87 and last week’s high at 74.18 are in focus. If overcome, the key 74.95-to-76.16 resistance area may be revisited.
Major support remains to be seen in the 70.76-to-69.91 area.
Spot silver price remains bid
The spot silver price has been sideways trading below Monday’s $32.28 per troy ounce low over the past few days but a rise above this level would engage the $32.96 early October high.
Minor support below the 55-day SMA at $31.72 comes in around the $31.54 mid-November high as well as along the November-to-December uptrend line at $31.39.
US wheat price recovers further from its three-month low
The US wheat price’s advance from its November and early December three month lows at 544-to-542 has so far taken it to Wednesday’s 570 high, close to the 21 November low at 576 which represents the next upside target.
Support can now be spotted along the breached October-to-December downtrend line at 554.
Only currently unexpected failure at the 542 early December low would likely engage the late August low at 521.
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