Brent crude oil, US wheat prices remain stable while silver price recovers
Brent crude oil, US wheat prices remain stable while silver price recovers as buyers step back into the precious metal market.
Brent crude oil price sidelined
The Brent crude oil price holds steady as oversupply eases Middle East escalation concerns.
A rise above Monday’s front month futures contract high at 72.77 may put the 5 and 21 August lows at 74.97-to-75.24 on the map whereas a fall through last week’s 70.2 low would likely engage the 68.53 September low.
Spot silver stabilises
The spot silver price’s over 4% slip from last week’s $32.71 per troy ounce near 12-year high to Monday’s $30.89 low has been followed by a bounce off that low. While it underpins, the early June and July lows at $31.55-to-$31.75 may be revisited. Further up sist key resistance at the $32.51-to-$32.71 May and September peaks.
Were support at $30.89 to give way, the $30.19 late August high may offer support, together with the psychological $30.00 mark.
US wheat price still grapples with technical resistance
US wheat futures prices continue to oscillate around the 200-day simple moving average (SMA) at 590 whilst remaining below last week’s high, made at the psychological 600 mark. Together with the mid-September high at 602 it acts as resistance. If bettered, the 12 June low at 623.5 would be in focus.
Minor support below Friday’s 582 low and Wednesday’s 580 trough can be spotted between the 9 and 19 September lows at 569-to-564.
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