Brent crude oil, Arabica coffee bounce off support while silver price slips
Brent crude oil, Arabica coffee bounce off support while silver price slips ahead of US CPI print.
Brent crude oil price bounces off key support
Earlier this week the Brent crude oil front month futures contract was rejected by key technical resistance at the late July to late August highs at 80.61-to-81.97. On Wednesday it slid to 75.05, sitting right within key support made up of the early and late August lows at 75.24-to-74.97. While it holds, a minor bounce towards the 80.00 region is expected to be seen.
Failure at 74.97 would open the way for the 70.00 region to be back in the frame, though.
Spot silver price trades in two-week lows
The spot silver price tumbled by over 7% from last week’s $32.96 per troy ounce near 12-year high to this week’s low at $30.12. Below it lies the $29.71-to-$29.22 zone, made up of the 18 September low and the early August high.
Minor resistance can be found at the late September low and early October high at $30.89-to-$30.99.
Arabica coffee bounces off uptrend line
Arabica coffee front month futures bounced off their May-to-October uptrend line at 242.78 and are now flirting with the 55-day simple moving average (SMA) at 246.43.
Resistance can be found at the 254.42 July peak as well as at the 259.22 late August high. While these cap, downside pressure should be maintained.
A drop through Monday’s 24.78 low would put the September low at 235.14 on the cards.
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