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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Brent crude oil price stabilises while silver, wheat prices continue to slide​

​​​Brent crude oil price stabilises while silver, wheat prices continue to slide​ amid rising US Treasury yields and a strengthening US dollar.​

Oil Source: Adobe

​​​Brent crude oil price stabilises

​The Brent crude oil front month futures price has fallen by over 6% from last week’s 76.13 high, which was made right within the major 75.24-to-76.16 resistance zone, to this week’s 70.64 low, above which it now stabilises. This low was made marginally above the key 70.29-to-68.53 support zone which is expected to once more hold, were it to be revisited.

​Minor resistance above the 18 October low at 72.27 can be spotted at the 6 November 73.26 low.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Spot silver price drops through uptrend line

​The spot silver price has fallen by 14% from its 12-year $34.87 per troy ounce high to below the $30.00 mark. In doing so, it has slid through its August-to-November uptrend line at 30.31. This should now act as resistance, together with the 6 November low at $30.84 and Wednesday’s high at $31.15.

​The next downside target is the early August high at $29.22.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

​US wheat price drops to new three-month low

US wheat prices fell by 5% in the course of the week and hit a new three-month low at 550 on Wednesday. A fall through it would put the 529-to-521 July-to-August lows on the map.

​Minor resistance can now be spotted around the 573 late October low.

US wheat chart Source: IT-Finance.com
US wheat chart Source: IT-Finance.com

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