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​Brent crude price and silver price struggle but Cocoa price rallies​

While both Brent and silver have fallen in early trading, cocoa prices are enjoying renewed strength.

Silver Source: Adobe images

​​​Brent under pressure

​This week has seen the Brent crude oil price rally to $76.00 but fail to hold these highs.

​A lower open today could be the start of a lower high that marks the beginning of the next downside leg. Gains in late October also failed to hold $76.00, so this appears to be the line in the sand for now. Further losses target the $70.00 zone, which marked support at the end of September and also in late October.

​A close back above $76.00 negates this view and could see further strength in the direction of the October highs around $80.00.

Brent crude oil chart Source: IG
Brent crude oil chart Source: IG

​Silver on the back foot

​The spot silver price rallied on Thursday after Wednesday’s slump, but the sellers have taken hold once again.

​This has muddied the waters for those hoping for a higher low after the pullback from the October highs. For a bullish view to emerge, we would need to see a higher close today, which might then put the price back on course to the highs of October.

​Alternately, further losses target the $30.00 level, which the price neared in early October.

Spot silver chart Source: IG
Spot silver chart Source: IG

​London cocoa surges

​The surge from the lows of late October has received a fresh boost this morning, taking the London cocoa price to its highest level in three weeks.

​Gains in October stalled below 5700, so a close above here would help to bolster the short-term bullish view. Nonetheless, with the price operating below the 50- and 100-day simple moving averages, the overall view continues to lean bearish. For the moment however, the sellers appear to have ceded control.

London cocoa chart Source: IG
London cocoa chart Source: IG

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