Bullish Brent crude oil run stalls while silver, aluminium prices rise
Bullish Brent crude oil run stalls while silver, aluminium prices rise amid weaker US dollar.
Brent crude oil price dips
The Brent crude oil price remains on track for its strongest week in six despite Friday morning's drop, perhaps ending a straight four day winning streak.
The 14 February high at $75.57 per barrel and the 55-day simple moving average (SMA) at $75.39 may offer short-term support.
While this support zone holds, the Brent crude oil price remains on track to reach Thursday's $76.75 high, the 200-day SMA and current February highs at $77.01-to-$77.08.
Silver price rallies further
The spot silver price continues to target last week's $33.39 per troy ounce high, a rise above which would push the October peaks at $34.54-to-$34.86 to the fore.
Minor support below the 7 February three month high at $32.65 can be found along the January-to-February uptrend line at $32.37 and at Monday's $31.92 low. While it holds, the chart bias remains bullish.
Aluminium futures surge ahead
Front month aluminium futures are on track for their sixth straight day of gains with the mid-April 2022 high at 276.35 being targeted.
The previous February 34-month high at 262.20 may now act as minor support.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
