Brent crude oil rally stalls while copper, silver prices rise
Brent crude oil rally stalls while copper, silver prices rise amid weakening US dollar.
Brent crude oil comes off near 3-month high
The Brent crude oil price is seen coming off its near 3-month high at $77.275 per barrel, hit on Monday, but holds around its October and November highs. Nonetheless a slip through Monday's $75.745 low may engage the 22 November high at $74.885 which may offer support. if not, the early-to-mid-December highs at $74.315-to-$74.125 may do so.
A rise above Monday's $77.275 high is needed, for the 200-day simple moving average (SMA) at $78.69 to be next in line.
Silver price rallies
The spot silver price’s early 2025 rally has taken it above its 200-day SMA at $29.88 per troy ounce to Monday's $30.34 high. If overcome, the mid-October low at $30.76 may be reached, ahead of the 55-day SMA and October-to-January downtrend line at $31.14-to-$31.18.
Minor support below the 200-day SMA at $29.88 sits at Monday's $29.41 low.
Copper price recovery is ongoing
The copper price’s recovery from its early January $4.00/lb low, made near its November trough and major psychological support, has so far taken it to its September-to-January downtrend line which on Monday acted as resistance at $4.20. Were this level to be exceeded, the early December peak at $4.26 would be in focus, ahead of the 23 September, mid-October and 23 October lows as well as the mid-December high at $4.27-to-$4.33. This area represents significant resistance.
Potential slips may find support along the 55-day SMA and the late December high at $4.15.
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