Brent crude oil, silver prices under pressure while copper price probes resistance
Brent crude oil, silver prices under pressure while copper price probes resistance following this week’s swift ascent.
Brent crude oil price slips further still
The Brent crude oil price continues its descent with it now trading below its 55-day simple moving average (SMA) at $74.89 per barrel.
A fall through Tuesday's low at $73.99 would open the way for the $73.00 region to be reached.
Minor resistance above the 55-day SMA at $74.89 can be spotted at the 9 January low at $75.43.
While trading below the next higher early February high at $77.05, the recent downtrend remains intact.
Silver price advance stalls
The spot silver price revisited and briefly overcame its mid-December $32.33 per troy ounce high by rising to $32.54 on Wednesday before stalling.
A slip back towards the 30 January high at $31.73 is at hand. Further minor support can be found between the 19 and 25 November highs at $31.53-to-$31.48.
Were a rise above this week's high at $32.54 to unfold, the late September and early October 2024 highs at $32.71-to-$32.96 would be next in line.
Copper price attacks resistance
The copper price’s swift advance has taken it to its key $4.4933-to-$4.4983 resistance zone which is made up of the 11 October and 6 November 2024 highs. If overcome on a daily chart closing basis, the early October 2024 high at $4.6668 would be targeted ahead of the September 2024 peak at $4.7883.
Potential slips may find support around the mid-January high at $4.4698 and the 21 October 2024 high at $4.4568.
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