Brent crude oil price attacks resistance while silver, aluminium prices remain under pressure
Brent crude oil price probes technical resistance while silver, aluminium prices remain under pressure.
Brent crude oil price probes key resistance
The Brent crude oil front month futures price, which gained over 8% from its early June low, probes the 83.93-to-84.72 resistance zone for a second day in a row. If overcome, the mid-March high at 87.11 would be next in line, ahead of the 90.00 region.
The 200-day simple moving average (SMA) at 83.58 offers minor support above the 12 June 83.12 high.
Silver price remains under pressure
The spot silver price has been range trading above last week’s $28.66 per troy ounce low above the 55-day simple moving average (SMA) and February-to-June uptrend line at $28.90 to $28.80 for the past few days whilst remaining within its one-month downtrend channel.
While $28.66 underpins, last week’s high at $30.25 may be revisited.
A fall through $28.66 would put the mid-May low at $27.97 on the map as well as the late April high at $27.73.
Aluminium price drops to one-month low
The price of aluminium, which dropped from its 2,792 two-year high, is now trading in one-month lows below the 2,500 mark whilst slipping towards the 2,399 to 2,398 December-to-January highs.
Minor resistance can be found at the 2,509 May low and along the breached February-to-June uptrend line at 2,539 which, because of inverse polarity, is expected to act as resistance, were it to be revisited.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
