Brent crude oil price likely to rise further while silver price volatility drops and cotton price bounces off 3 ½ year low
The Brent crude oil price has broken through technical resistance as the silver price remains within its downtrend channel while the price of cotton bounces off its 3 ½-year low.
Brent crude oil price trades in near two-month highs
The Brent crude oil front month futures price once again trades above the 83.93-to-84.72 resistance zone with the mid-March high at 87.11 remaining in focus, ahead of the 90.00 region.
The 84.72-to-84.32 mid-to-late May highs now offer support ahead of the 55-day simple moving average (SMA) at 84.05 and the 83.93 January high.
Silver price trades in low volatility
The spot silver price remains within its May-to-June downtrend channel, having come off last week’s $30.85 per troy ounce high and gotten close to the February-to-June uptrend line and 55-day simple moving average (SMA) at $29.22-to-$29.11 which should act as support.
Were $29.11 to give way, the mid-June low at $28.66 would be back in the picture.
Minor resistance now sits at the 12 June high at $30.25.
NY cotton futures prices recover from 3 ½ year low
Last week front month NY cotton futures prices slid to a 3 ½ year low at 69.81 following three consecutive weeks of falling prices but have managed to stabilize and recover slightly since.
The February-to-June downtrend line at 74.10 represents first resistance ahead of the 5 June high at 74.82. If exceeded, the 55-day simple moving average (SMA) at 77.60 may be reached as well.
Minor support below Friday’s low at 71.81 lies at the 10 June low at 71.29 ahead of the 70.13 October 2022 low and last week’s 3 ½ year trough at 69.81.
If a fall through 69.81 were to ensue, the November 2020 low at 68.73 would represent the next downside target.
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