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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.

​Silver, Brent crude oil price stabilize while wheat prices rally​

​​​Silver, Brent crude oil price stabilize while wheat prices rally​ as investors await US employment data.​

Silver Source: Adobe image

​​​Brent crude oil price tries to stabilize

​Following Brent crude oil futures’ prices sharp fall to levels last traded in June 2023 on worsening US and China economic data amid ample supply, a minor bounce ahead of US ADP and non-farm employment data releases is seen.

​Minor resistance sits between the 5 and 21 August lows at 74.97-to-75.24 on the front month futures contract. This is expected to cap on Thursday, were it to be reached at all.

​A fall through 72.26 would likely engage the May-to-June 2023 lows at 71.85-to-71.51.

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

​Spot silver price bounces back

​Following three straight days of falling spot silver prices on the back of US dollar strength to Tuesday’s $27.71 per troy ounce low, a minor bounce is currently taking shape. The mid- to late June lows at $28.58-to-$28.66 as well as the 22 August low at $28.78 represent possible upside targets.

​Were a slip through this week’s low at $27.71 to be seen, though, the 200-day simple moving average (SMA) at $26.46 and the August trough at $26.46 would be back in sight.

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

​US wheat

US wheat futures prices have so far seen six consecutive days of gains from their 521 August low amid supply concerns with the 200-day SMA at 592 and the July high at 596 representing an upside target zone. There the recent advance may run out of steam, however, as it represents resistance.

​Minor support comes along the mid-July to mid-August highs at 565-to-564. Further potential minor support is seen along the 55-day SMA at 558.

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

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