Brent crude oil, silver and copper prices drop
Brent crude oil, silver and copper prices drop as US dollar rises amid rising US Treasury yields.
Brent crude oil price slips further still
The Brent crude oil price has been retreating over five consecutive sessions amid a rise in crude oil inventories and Saudi Arabia's crude oil exports hitting an eight-month high.
The 200-day simple moving average (SMA) at $78.07 per barrel offers interim support but a fall through Tuesday's $77.84 low would engage the 8 January high at $77.59. The next lower late October and early November highs at $76.08 to $76.05 may also be reached.
Minor resistance sits at the 15 January low at $79.02.
Brent crude oil daily chart
Silver price tanks
The spot silver price's break through its October-to-January downtrend line at $30.33 per troy ounce has taken the precious metal above its 55-day SMA at $30.46, which may act as support.
Further potential support is seen along the breached downtrend line at $30.33 and along the 200-day SMA at $30.05.
A rise above last week's $30.97 high would push the mid-November high at $31.53 to the fore.
Silver daily chart
Copper price slides
The copper price’s rejection by the $4.26 to $4.33 resistance zone, made up of the early December peak, 23 September, mid-October, and 23 October lows as well as the mid-December high, has so far led to a fall to Thursday's low at $4.24.
Potential support below this level can be seen along the 55-day SMA at $4.19 and at the late December high at $4.15.
Resistance now comes in along the 200-day simple moving average (SMA) at $4.28 ahead of the $4.33 December peak.
Copper daily chart
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