Brent crude oil, silver and sugar prices rise further still
Outlook on Brent crude oil, silver and sugar amid heightened Middle east tensions.
Brent crude oil price continues to rise on Middle East tensions
Brent crude oil continues its advance amid worries about supply - provoked by heightened tensions in the Middle East - are on investors’ minds. So far a rise to $91.22 per barrel has been seen before the breached June-to-October uptrend line, now because of inverse polarity a resistance line, capped the advance. While this remains the case, the price gap with Tuesday’s high at $90.10 might get filled. More important support can be found between Tuesday’s low and the 55-day simple moving average (SMA) at $88.19 to $88.05. While remaining above the latter, the oil price looks short-term bullish. A rise above $91.22 could engage the $93.00 region ahead of the September highs at $94.97 to $95.33.
Silver breaks through downtrend line
Silver’s advance off its early October $20.69 per troy ounce low has now taken it to above the August-to-October downtrend line at $22.73 towards the 200-day simple moving average (SMA) at $23.33. Above it lies the late September high at $23.77 which may also get hit this week. Minor support below the 55-day simple moving average (SMA) at $22.94 can be spotted along the breached August-to-October downtrend line at $22.71. While Tuesday’s low at $22.38 holds, further upside is expected to be in store. Together with the June-to-September lows at $22.30 to $22.12 it offers significant support.
Sugar #11 approaches 12-year high
Front month sugar futures are once more approaching their 12-year high at 27.85 amid concerns about supply as producing countries go through a draught. On the way up resistance can be spotted at the 22 September high at 27.59 while immediate support comes in between the late September and 9 October highs at 27.06 to 27.15. While last week’s low at 26.13 underpins, the medium-term uptrend is deemed to be intact.
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