Brent crude oil, silver prices rally while copper price stabilises
Brent crude oil, silver prices rally while copper price stabilises amid Ukraine-Russia peace talk hopes.
Brent crude oil price holds above support
The Brent crude oil price is on track for its third straight day of gains amid supply disruptions with the current February highs and the 200-day simple moving average (SMA) at $77.01-to-$77.15 being targeted.
Minor support below the 14 February high at $75.57 is seen along the 55-day SMA at $75.29.
Silver price remains bid
The spot silver price tries to revisit last week's high at $33.39 per troy ounce, a rise above which would the October peaks at $34.54-to-$34.86 on the map.
Minor support below the 7 February three month high at $32.65 can be seen along the January-to-February uptrend line at $32.15 and at Monday's $31.92 low. While it holds, the chart bias remains bullish.
Copper drop pauses
The copper price's swift decline from its $4.8368 mid-February high, a level last traded in May 2024, has so far taken it to Tuesday's $4.5430 low, close to the 11 February low at $4.5408. If slipped through, the key $4.4983-to-$4.3450 support area may be tested. It consists of the 10 October, November and January highs.
Minor resistance sits at the Friday's $4.6368 low.
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