Brent crude oil price slips on ‘rates higher for longer’ Fed talk while silver, soybean prices slip
Brent crude oil’s recent advance ran out of steam at resistance while the silver prices came off its 11 ¼ year high and soybean prices gave back some of this week’s gains.
Brent crude oil price comes off resistance
On Monday Brent crude oil front month futures retested the 200-day simple moving average (SMA) and April-to-May downtrend line which capped around the 84.00 mark and kicked off the current drop amid Fed speak which points to a ‘rates higher for longer’ scenario, triggering demand concerns.
Were Friday’s low at 82.87 to give way, the 8 May low at 81.60 may be revisited. Support below 81.60 can be seen at the late February and March lows at 80.88 to 80.25.
Key resistance remains to be seen at this and last week’s 84.26 to 84.32 highs, a rise above which would engage the 22 April low at 85.21.
Silver price comes off 11 ¼ year high
The spot silver price’s rally to $32.51 per troy ounce, a level last seen in December 2012, has been followed by some profit taking. The accelerated support line at $30.46 may thus be revisited, below which lies the $29.79 April peak while Monday’s 11 ¼ year high at $32.51 caps. Were it to be exceeded, the November 2012 high at $34.40 would be next in line, followed by the October 2012 peak at $35.39.
Soybean prices possibly forming another minor top
In early May front month soybean futures formed a 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.
A similar minor top may now be formed at Monday’s 1,238 high, were a fall through Monday’s low at 1,214 to be witnessed. In this case the 10 May low at 1,203 would be back in the frame. Below it lies the May 2023 low at 1,190.
A rise above 1,238 would likely engage the early May high at 1,251, though, which was formed marginally below the key 1,257 to 1,286 resistance area.
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