Brent crude oil and silver price come off again
Brent crude oil and silver price look to be short-term under pressure in thin festive season trading.
Brent crude oil price still range trades in low volatility
The Brent crude oil front month futures price continues to trade towards the middle of its November-to-December sideways trading range while capped by the 55-day simple moving average (SMA) at 73.27. Further minor resistance is being provided by the 26 December high at 73.77.
A fall through Tuesday-to-Thursday’s lows at 72.61-to-72.51 may point to the 20 December low at 71.71 being back on the map.
Key support remains to be seen within the 70.76-to-69.91 support area and major resistance in the 74.18-to-76.16 zone. It consists of the early-to-mid-August lows and the late September, late October-to-December highs.
Spot silver price range trades amid thin trading
The spot silver price’s 11% drop from its $32.33 per troy ounce 12 December high to last week’s $28.75 low has been followed by a minor bounce to the 200-day SMA at $29.76, around which it has been oscillating in low volatility for all of this week.
Above Monday’s $29.87 and today’s $29.89 intraday high minor resistance can be spotted around the $30.12 October low.
Minor support can be seen between the mid-September-to-November lows at $29.71-to-$29.65, above Monday’s $29.42 low. Further minor support comes in at last week’s $28.75 trough, a fall through which would likely engage the $27.69 September low.
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