Brent crude oil price range bound while silver, wheat prices slowly recover
Brent crude oil price range bound while silver, wheat prices slowly recover in this pre-holiday trading.
Brent crude oil price continues to sideways trade
The Brent crude oil front month futures price continues to trade towards the middle of its November-to-December sideways trading range.
Minor support sits at Friday’s 71.71 low with minor resistance seen along the 55-day simple moving average (SMA) at 73.44.
Below 71.71 lies the early December 70.76 low and further down the key 70.76-to-69.91 support area. Above 73.44 last week’s high can be spotted at 74.38 high. Above it sits the major 74.18-to-76.16 resistance zone, made up of the early-to-mid-August lows and the late September, late October-to-December highs.
Spot silver price little changed amid thin trading
The spot silver price’s 11% drop from its $32.33 per troy ounce 12 December high to last week’s $28.75 low has been followed by a minor bounce to the 200-day SMA at $29.69, around which it has been oscillating in low volatility this week. Above it resistance can be found between the mid-September-to-November lows at $29.65-to-$29.71 ahead of the $30.12 October low.
Support below Monday’s $29.42 low comes in at last week’s $28.75 trough, a fall through which would likely engage the $27.69 September low.
US wheat price bounces off five-month low
The US wheat price’s descent from the 11 December 570 high to Friday’s 533 five-month low has been followed by a minor bounce to Monday’s 547 high. If bettered, the 18 December peak at 556 and the October-to-December downtrend line at 560 may be back in the frame.
Minor support above last week’s 533 low comes in at Monday’s 537 trough. Failure at 533 would most probably provoke a tumble towards the 521 August low.
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