Brent crude oil and silver prices rise while soybean prices top out
Oil and silver prices are recovering from their recent lows but soybeans look increasingly toppish.
Brent crude oil bounces off two-month low
Earlier this week the Brent crude oil price slid to a near two-month low at 81.60 on ample supply and hopes of a Gaza ceasefire. It is now heading back up again, towards the 200-day simple moving average (SMA) at 84.11. Above it lies further potential minor resistance at the 22 April low at 85.21.
Support below 81.60 can be found at the late February and March lows at 80.88 to 80.25.
Silver price probes late April high
The spot silver price’s advance from last week’s low at $26.02 has taken it practically back to its late April high at $27.73, a rise above which would engage the $28.00 region. This short-term bullish view will remain valid as long as Wednesday’s low at $27.01 underpins.
Below this level minor support can be spotted at the 23 April low at $26.67.
Soybeans
Front month soybean futures seem to be topping out once more, having on Tuesday retested their late January high at 1,250 which was made marginally below the key 1,257 to 1,286 resistance area which consists of the June-to-October lows.
The March peak at 1,231 currently acts as support but a fall through this level would put the May 2023 low at 1,190 back on the cards.
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