Brent crude oil price comes off resistance as silver, US wheat prices top out
Brent crude oil price comes off resistance as silver, US wheat prices top out amid a strong dollar which benefits from flight-to-quality inflows due to the heightened tensions in the Middle East.
Brent crude oil price rejected by key resistance
The Brent crude oil price has been rejected by key technical resistance amid escalation in the Middle East with the late July to late August highs at 80.61-to-81.97 on the front month futures contract providing a barrier to the commodity’s advance.
While Monday’s low at 77.22 underpins, though, short-term upside pressure will be maintained with a rise above the 80.61-to-81.97 resistance zone remaining possible. If successfully overcome, the July peak at 87.71 would be next in line.
Spot silver price comes off near 12-year high
The spot silver price’s over 4% drop from last week’s $32.96 per troy ounce near 12-year high has taken it back towards its late September $30.89 low. While $30.89 holds, the recent highs at $32.71-to-$32.96 may be revisited.
Were support at $30.89 to give way, though, especially since last week’s high has been accompanied by negative divergence on the daily chart, the $30.19 late August high may be eyed, together with the psychological $30.00 mark.
US wheat price comes off near four month high
Having come off their near four month high at 626, US wheat futures prices are revisiting their 602-to-600 previous resistance area, now because of inverse polarity a support zone. It consists of the mid-to-late September highs and together with the 200-day simple moving average (SMA) at 590 may hold short-term downside pressure. If not, a more significant decline towards the late September low at 583 may be at hand.
In case of renewed upside interest being witnessed, the late January high at 623 and last week’s peak at 626 may be revisited. Further up lies the 11 June high at 648, the December 2023 high at 650 and the 17 May low at 657.
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