Brent crude oil and silver prices rise while soybean prices remain under pressure
Oil and silver prices continue to gingerly advance but soybean prices look increasingly toppish.
Brent crude oil prices recover from just above their recent two-month low
On Monday the price of Brent crude oil slid to 82.07, close to its two-month low at 81.60, before rising on supply disruption fears in Canada ahead of the country’s wildfire season.
The 200-day simple moving average (SMA) at 84.09 and last week’s high at 84.32 are thus back in sight. Above these levels lies further potential minor resistance at the 22 April low at 85.21.
Support below 81.60 can be seen at the late February and March lows at 80.88 to 80.25.
Silver price continues to gingerly advance
The spot silver price’s advance from its early May low at $26.02 per troy ounce is taking it to last week’s high at $28.76, above which lies the mid-April high at $28.94 and the April peak at $29.79.
This short-term bullish view will remain valid as long as Monday’s low at $27.97 underpins.
Below this level minor support can be spotted at the 26 April high at $27.73.
Soybean prices look increasingly toppish
Front month soybean futures last week formed another minor top at 1,251, made marginally below its major 1,257 to 1,286 resistance area which consists of the June-to-October lows.
While the March high at 1,231 caps on a daily chart closing basis, immediate downside pressure remains intact with last week’s low at 1,203 staying in view. If fallen through, the May 2023 low at 1,190 would be back on the cards.
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