Brent crude oil price probes resistance while silver, aluminium prices come off Wednesday’s highs
Brent crude oil price probes resistance while silver, aluminium prices come off Wednesday’s highs as US dollar stabilises.
Brent crude oil price digs into resistance zone
The Brent crude oil price's bounce off the September-to-March support zone at $68.455-to-$68.215 amid fears of a growing US trade war has taken it within the $70.23-to-$71.185 resistance zone. It consists of the October-to-December lows and 7 March high.
If overcome on a daily chart closing basis, the next higher resistance area at $73.555-to-$73.985 may be eyed. It comprises the early to mid-February lows and the late February and early March highs.
A fall through last week's $68.22 low would put the December 2021 low at $65.68 on the map, though.
Recent silver price rally stalls
The spot silver price's rally from its 28 February low at $30.81 per troy ounce has taken it to this week's $33.32 high before retracing lower on Thursday morning.
Together with the February peak at $33.39, this week's high offers resistance, a rise above which would engage the late October high at $34.54.
Minor support can be found at the 6 March to 7 February highs at $32.76-to-$32.65.
Aluminium futures prices come off their near three-year highs
Front month aluminium futures are seen coming off their near three-year 268.35 high, made on Wednesday. This high was made marginally above the 266.75 February peak which acted as resistance.
A slip back towards the 11 to 26 February highs at 262.20-to-261.80 seems to be at hand.
Above the 266.75-to-268.35 region lies the 6 April 2022 peak at 285.45.
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