Brent crude oil price remains bid, while silver and wheat prices are under pressure
Brent crude oil price remains bid, while silver and wheat prices are under pressure amid strong US dollar.
Brent crude oil price nears resistance
The Brent crude oil front month futures price continues to rise from its early December 70.76 low amid ongoing global crude supply concerns.
The rise above the 55-day simple moving average (SMA) at 73.93 puts the early December and last week’s highs at 74.18 to 74.38 on the map. If bettered, the key 74.95 to 76.16 resistance area will be back in sight.
Minor support is seen at the late November 73.31 high and major support in the 70.76 to 69.91 zone.
Brent crude oil daily chart
Spot silver price drops towards support
The spot silver price has come off last week’s $32.33 per troy ounce high and so far slipped to $30.29, to not far above its $30.12 October low. Were it to give way, the mid-to-late November lows at $29.68 to $29.65 would be eyed. Together with the 200-day SMA at $29.55 these levels are expected to once again hold, though.
For the bulls to have a say, Friday’s high at $31.10 would need to be exceeded. Only then could the 55-day SMA at $31.67 be back in the picture.
Silver daily chart
US wheat price retreats from three-week high
The US wheat price’s advance from its November and early December three month lows at 544 to 542 has taken it to last week’s 570 high, close to the 21 November low at 576, before keeling over again. It now flirts with the breached October-to-December downtrend line which, because of inverse polarity, now acts as a support line at 551.
Further down lie the 544 to 542 November to December lows which should once more offer support. Only a fall through the 542 early December low would likely engage the late August low at 521.
US wheat daily chart
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.