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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Brent crude oil and silver stabilise while copper attacks resistance

​​Outlook on Brent crude oil, silver and copper as investors mull over economic and monetary backdrop.

Source: Bloomberg

​​​Brent crude oil drops towards May lows ​

​The price of Brent crude oil fell by over 7.5% from its 5 June high over potential US recession concerns, lacklustre Chinese demand and rising Russian supply which outweighs Saudi Arabia’s planned output cuts. ​The March-to-June support line at $71.78 has been retested but has so far held with even a minor recovery rally being seen on Tuesday. ​Below Monday’s $71.58 low lie the early and late May lows at $71.51 to $71.40, a fall through which would target the March low at $70.09. ​Resistance can now be found between the mid-May low and last Thursday’s low at $73.37 to $73.56. ​

Source: ProRealTime

​Silver range trades in low volatility

​The silver price remains below its two-month downtrend line and 55-day simple moving average (SMA) at $24.40 to $24.42 ahead of today’s key US inflation data release. ​These levels lie marginally below the $24.50 to $24.52 resistance area which consists of the late April low and current June high. ​Minor support can be spotted at the early June high at $24.02 and also at Monday’s $23.88 low. ​

Source: ProRealTime

​Copper drives into technical resistance ​

For the past week or so, the price of copper has been capped by the 200-day simple moving average (SMA) at $8,385 per ton as investors grapple with the global economic outlook in an environment of ongoing monetary tightening. ​On Tuesday the 200-day SMA is being retested, though, above which last week’s high can be seen at $8,450. If exceeded, the 55-day simple moving average (SMA) at $8,557 could be back in the picture. ​While last Thursday’s low at $8,247 underpins, further upside remains in store.

Source: ProRealTime

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