Brent crude oil price drops while silver, copper prices advance
Brent crude oil price drops on hopes of Ukraine-Russia peace deal while silver, copper prices advance.
Brent crude oil price slips
The Brent crude oil price dropped on hopes of eased Russian sanctions following optimism over a potential Ukraine-Russia peace deal.
Last week's $73.94 per barrel low is back in focus. A fall through it would target the $73.00 region.
Resistance above the 55-day simple moving average (SMA) at $75.06 sits at Tuesday's $77.01 high.
Silver price remains bid
The spot silver price flirts with the mid-December $32.33 per troy ounce high, above which sits last week's three month high at $32.65 which remains in sight.
Were a rise above the $32.65 high to be witnessed, the late September and early October 2024 highs at $32.71-to-$32.96 would be eyed.
The 19-to-25 November highs at $31.53-to-$31.48 may offer short-term support ahead of this week's $31.25 low.
Copper price continues its ascent
The copper price’s swift advance has so far taken it to $4.7453 with the 28 May 2024 high at $4.9000 remaining in sight ahead of the psychological $5.0000 mark.
Potential slips may find support around the 12 June 2024 high at $4.6123 or the 20 June 2024 high at $4.5888.
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