Brent crude oil, silver slide while wheat prices rise
Outlook on Brent crude oil, silver and Chicago wheat as a vessel is struck by a missile in Ukraine.
Brent crude oil price drops on weak China data
Brent crude oil continues its swift decline towards its $78.52 per barrel May high as China’s consumer prices slip more than expected with the cost of food falling the most in 25 months, pointing towards lower demand for oil. As long as Brent crude oil manages to hold above Wednesday’s $79.18 low, a minor bounce towards the $81.68 to $82.31 resistance area may unfold. It consists of the August lows and 200-day simple moving average (SMA) and as such is expected to thwart any recovery attempt.
Silver drops out of its sideways trading range to the downside
The price of spot silver has been range trading between its last couple of weeks’ extremes at $23.70 to $22.45 per troy ounce with it now leaving it to the downside as the US dollar holds steady. Strong support between the June-to-mid-September lows at $22.30 to $22.12 is likely to be revisited but may well hold again, as it did on Wednesday. If not, and if a daily chart close below the $22.12 June low were to be seen, the late February high at $21.98 would be eyed. Minor resistance above Thursday’s intraday high at $22.64 can be spotted along the 55-day simple moving average (SMA) at $22.88. While remaining below it, downside pressure should prevail.
Chicago Wheat prices rise towards their two-month high
Chicago Wheat prices are rising once more on reports that a shipping vessel was struck by a missile upon entering the port of Odessa in Ukraine. The two-month high at $620, made in October, is thus back in sight, a rise above which could lead to the July low at $627 being reached. Minor support below Tuesday’s high at $602.5 can be seen along the 55-day simple moving average (SMA) at $594.
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