Brent crude oil hovers above support, copper price digs into support while silver price consolidates
Brent crude oil price hovers above support, copper price digs into support while silver price consolidates amid appreciating US dollar.
Brent crude oil price hovers above support
The Brent crude oil price hovers above its $73.985-to-$73.725 support zone which has held since the beginning of the month.
Were it to give way, the next lower October-to-December lows at $70.705-to-$70.23 may be revisited.
Minor resistance can be spotted between the $74.885 late January low and the 55-day simple moving average (SMA) at $75.47.
Silver price comes off recent high
The spot silver price comes off its mid-February $33.39 per troy ounce high, a rise above which would push the October peaks at $34.54-to-$34.86 to the fore.
Minor support may be found between the 17 and 24 February lows at $32.09-to-$31.91. Were it to give way, the 11 February low at $31.25 may be revisited.
Copper price weighs on key support
The copper price's swift decline from its $4.8368 mid-February high, a level last traded in May 2024, has taken it to its key $4.4983-to-$4.3450 support zone. It consists of the 10 October, November and January highs and as such may offer interim support. If not, the 21 October high at $4.4568 may be reached as well.
Minor resistance sits at the 11 and 18 February lows at $4.5408-to-$4.5430.
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