Brent crude oil price tests key support, while silver, copper prices rise
Brent crude oil price tests key support, while silver, copper prices rise despite strong US dollar.
Brent crude oil price gigs into key support
The Brent crude oil price continues to slide and digs into key support, made up of the August lows and late October and November highs at $76.08-to-$74.90 per barrel. As long as this support area holds, a rise towards the $81.00 region may still ensue.
The first upside target is represented by the 200-day simple moving average (SMA) at $77.80.
A drop through the $74.90 early August low would engage the 55-day SMA at $74.58 and probably the mid-December high at $74.31 as well.
Silver breaks through resistance zone
The spot silver price is in the process of breaking through its January $30.97-to-$31.02 resistance area with the mid-November high at $31.53 being targeted. Upside momentum should remain in play while the silver price stays above Monday's $29.70 low.
Support above this levels can be spotted along the 55-day SMA at $30.41 and the 200-day SMA at $30.12.
Copper price bounces off support
The copper price’s rejection by the $4.26-to-$4.33 resistance zone, made up of the early December peak, 23 September, mid-October and 23 October lows as well as the mid-December high, has taken it to Wednesday's low at $4.2045. While this level underpins, a new up leg is expected to be formed.
A rise above Wednesday's $4.31 high would engage the $4.3348 December peak and also at last week's high at $4.3893.
Good support is now seen between the 55-day SMA at $4.2073 and this week's $4.2045 low.
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