Brent crude oil, silver and copper capped by resistance in low volatile trading

Outlook on Brent crude oil, silver and copper as investors mull over economic and monetary backdrop.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-06-08T09:57:55+0100

Brent crude oil capped by downtrend line

Brent crude oil continues to trade in low volatility whilst remaining capped by its April-to-June downtrend line at $77.48 per barrel as traders mull over the outlook for energy demand amid top importer China’s lacklustre growth. While the next higher $77.51 to $78.52 resistance area, the early May to early June highs, caps, a return towards the middle of the recent sideways trading range looks probable. Minor support below Wednesday’s low at $75.47 sits at Tuesday’s $74.68 trough, a fall through which would push the $73.37 mid-May low back to the fore.

Source: ProRealTime

Silver continues to range trade in low volatility

The silver price remains below its two-month downtrend line at $23.96, having yesterday revisited but failed to overcome last week’s high at $24.02 on a daily chart closing basis as the US dollar briefly depreciated. While the $24.02 to $24.05 resistance zone caps, a retest of Monday’s low at $23.25 may still ensue, a fall through which would target the March-to-June uptrend line at $23.14. If it were to be slipped through, the May low at $22.68 and the 200-day simple moving average (SMA) at $22.23 would be back in sight. A rise and daily chart close above $24.05 would put the late April low at $24.50 on the map.

Source: ProRealTime

Copper price remains capped by technical resistance

For the past four days, the price of copper has been capped by the 200-day simple moving average (SMA) at $8,381 per ton as investors grapple with the global economic outlook in an environment of ongoing monetary tightening. While no rise and daily chart close above Wednesday’s high at $8,417 is made on a daily chart closing basis, a slip back towards Monday’s low at $8,169 may unfold. Below it lies more significant support at the $8,089 mid-May low.

Source: ProRealTime

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Brent crude oil, silver and copper capped by resistance in low volatile trading

Brent crude oil capped by downtrend line

Silver continues to range trade in low volatility

Copper price remains capped by technical resistance