Brent crude oil price bounces off support whereas silver, wheat prices slide
Brent crude oil price bounces off support whereas silver, wheat prices slide amid strengthening US dollar due to US tariff threats.
Brent crude oil price bounces off support
The Brent crude oil price is bouncing off key support, made up of the August lows and late October and November highs at $76.08-to-$74.90 per barrel. While this area underpins, a rise towards the $81.00 region should be at hand.
The first upside target is represented by the 200-day SMA at $77.91.
Only a fall through the $74.90 early August low would engage the 55-day SMA at $74.45.
Silver price looks top heavy
The spot silver price has come off last week's $31.02 per troy ounce high and slipped through the 200-day SMA at $30.08 which now acts as resistance, together with the 55-day SMA at $30.39.
Further up the October-to-January downtrend line at $30.90 also offers resistance.
A fall through Monday's low at $29.70 would put the mid-January low at $29.50 on the cards.
Wheat futures prices slip towards key support
Front month CBOT wheat price futures are dropping back towards their key support zone, made up of the November-to-January lows, at 529'2-to-526'0. This support area we expect to hold.
Minor resistance can be spotted along the 55-day SMA at 549'2.
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