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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

​Brent crude oil price probes resistance, silver price levels out while wheat price is side-lined​

​​​The Brent crude oil price probes resistance following a postponed OPEC+ output increase as the silver price levels out while US wheat prices stay side-lined.​​

Oil Source: Adobe images

​​​Brent crude oil price rises on OPEC+ postponed output increases

​The Brent crude oil front month futures price rose by over 2% on Wednesday as OPEC+ postponed planned output increases by a month and reached the major 75.24-to-76.16 resistance zone. It consists of the August lows as well as the late September and late October highs. This resistance area is expected to cap, at least short-term.

​While no rise above 76.16 is seen, a slip back towards the mid-October low at 72.27 is expected to unfold. Further down lies the major 70.29-to-68.53 support zone.

​Above 76.16 lies the significant 80.61-to-81.97 resistance area.

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

​Spot silver price drop slows down

​The spot silver price’s descent from its 12-year $34.87 per troy ounce high has so far taken it to $32.25 before levelling out. This low was made right between the May-to-July highs at $32.51-to-$31.75 which act as support.

​While the $32.51-to-$31.75 support area underpins, a rise to the $32.96 early October high should unfold. Further up minor resistance can be found around the 25 October low at $33.09 and more significant resistance at the recent $34.55-to-$34.87 highs.

​Failure at $31.75 would put the late August high at $30.19 on the cards.

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

​US wheat price continues to range trade in low volatility

US wheat futures prices have been side-lined for the past week, having bounced off their 573 low and been capped by the 200-day simple moving average (SMA) at 588.

​A rise above not only Wednesday’s high at 594 but also the 25 October high at 598 is needed for a bullish breakout to unfold.

​Minor support can be found between the 55-day SMA and 22 October low at 581.5-to-579 ahead of the October low at 573. Further down sits the 9 September low at 564.

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

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