Brent crude oil price rejected by resistance as US wheat bounces off support, silver price stabilises
Brent crude oil price rejected by resistance as US wheat bounces off support, silver price stabilizes amid retreating US dollar ahead of US inflation prints.
Brent crude oil price rejected by resistance zone
The Brent crude oil price is seen coming off its 5-month $80.995 per barrel high, hit on Monday right within the $80.905-to-$81.894 July-to-January resistance zone.
The 10 October high at $79.398 and 200-day simple moving average (SMA) at $78.424 are now in focus while the $80.905-to-$81.894 resistance zone caps.
Were it to be overcome, a major medium-term bullish reversal would be confirmed with the $90 region being back in play.
Silver price tries to recover from dip
The spot silver price is trading back below its 200-day SMA at $29.96 per troy ounce, having come off last week's three-week high at $30.66.
A fall through Monday's $29.50 low may put the August-to-January support line at $29.01 and the December key support zone at $28.78-to-$28.75 back on the cards.
The 200-day SMA at $29.96 should act as interim resistance ahead of the 7 January high at $30.39 and Monday's $30.66 high.
US wheat futures swiftly bounce off key support
US wheat futures are testing their October-to-January downtrend line at 547.0 which so far caps. Given the strong rally off the November-to-January 529.2-to-526.0 key support area, a trendline break looks probable, though.
If overcome, the 55-day SMA at 553.2 and late December high at 554.6 would be in focus. If exceeded, a medium-term bullish trend reversal would be in the making.
Minor support is seen at the 4 December 540.2 low.
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