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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.

​​Oil price halts decline as silver, orange juice prices slip​​

​​​Oil price halts decline as silver price drops and orange juice prices come off record highs ahead of Friday’s US Non-Farm Payrolls.​​

Oil Source: Adobe images

​​​Brent crude oil bounces back

​The drop in the Brent crude oil futures’ price from last week’s 80.61 high has taken it to Monday’s 76.13 low amid expectations of growing supply as OPEC recently announced plans to increase production. Below Monday’s low at 76.13 lies strong support between the 75.24-to-74.97 early- to mid-August lows.

​While 76.13 underpins, last Tuesday’s low at 78.60 might be revisited.

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

​Spot silver price on track for third straight day of falling prices

​Last week the spot silver price topped out at $30.19 per troy ounce with it now being on track for its third straight day of falling prices. The mid-August high at $28.05 represents the next downside target ahead of the late July-to-mid-August lows at $27.31-to-$27.18.

Resistance can be spotted around the 22 August low at $28.79 and the 55-day simple moving average (SMA) at $29.20.

Spot silver chart Source: ProRealTime
Spot silver chart Source: ProRealTime

​Orange juice price likely topping out

​Following last week’s swift sell-off from their 487.93 record high, front month orange juice futures prices staged a minor comeback from last week’s 438.38 low to Friday’s 466.99 high. This may be followed by further downside as long as the May and August peaks at 482.54-to-487.93 cap on a daily chart closing basis.

​A slip through last week’s low at 438.38 would engage the 55-day SMA at 434.70 and the January-to-September uptrend line at 428.40.

Orange juice chart Source: ProRealTime
Orange juice chart Source: ProRealTime

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