Brent crude oil price recovers ahead of OPEC+ meeting as silver, wheat prices also level out
Brent crude oil price recovers ahead of OPEC+ meeting as silver, wheat prices also level out despite stronger US dollar ahead of Friday’s US non-farm payrolls.
Brent crude oil price rises ahead of Thursday’s OPEC+ meeting
The Brent crude oil front month futures price recovered from Monday’s 71.49 two-week low ahead of Thursday’s Organization of the Petroleum Exporting Countries (OPEC+) meeting at which it is expected to delay the increase in production output due to sustained weakness in oil prices.
Last week’s high at 73.31 would need to be exceeded, for the October to December downtrend line at 73.76 to be reached. Together with the 55-day simple moving average (SMA) at 73.97 it may short-term cap, though. If not, the 74.95 - 76.16 resistance zone may be reached.
Below Monday’s 71.49 low lies the key technical support at 70.64 - 69.91, the October to November lows.
Spot silver price tries to bounce off support
The spot silver price dropped in line with the gold prices on de-escalation in the Middle East with the mid-November low at $29.68 offering support last week as it briefly dipped to $29.65 before recovering. If fallen through, the early August high at $29.22 would be next in line with the 200-day SMA at $29.20.
Now that the October to December downtrend line at $30.36 has been breached, though, a rise towards the mid-November high and the 55-day SMA at $31.54 - $31.66 may well be at hand.
US wheat price bounces off three-month low
The US wheat price revisited but then bounced off its November low at 544 with Friday’s high at 553 being eyed. If bettered, the 20 November low at 562 and the October to December downtrend line at 565 may be retested. While remaining below the next higher 21 November low at 576 , the medium-term downtrend will remain intact, though.
Failure at 544 would engage the late August low at 521.
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