Brent crude oil price rise takes a breather while silver, aluminium prices remain under pressure
The Brent crude oil price remains capped by technical resistance as the silver price slips within its downtrend channel while the aluminium price hovers above two-month lows.
Brent crude oil price comes off its near two-month highs
The Brent crude oil front month futures price continues to trade within its 83.93-to-84.89 resistance zone with the mid-March high at 87.11 remaining in focus, ahead of the 90.00 region.
The 55-day simple moving average (SMA) at 83.82 and the 200-day SMA at 83.32 should offer support.
Silver price remains under pressure
The spot silver price remains within its May-to-June downtrend channel, continuing to come off last week’s $30.85 per troy ounce high and now trading below the 55-day simple moving average (SMA) at $29.12 while slipping to Wednesday’s six-week low at $28.58.
Were $28.58 to give way, the mid-May low at $27.97 would be in focus.
Minor resistance above the 55-day SMA at $29.12 sits at the 12 June high at $30.25.
Aluminium price hovers above two-month low
The price of aluminium, which dropped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade in relatively little volatility above that low while being supported by the February-to-June uptrend line at 2,485.
A rise above the 21 June high at 2,537 is needed, for the 55-day simple moving average (SMA) at 2,579 to be back in the frame.
Failure at 2,470 would engage the 2,399 December peak.
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