Brent crude oil price drops while silver, aluminium prices hold at support
Brent crude oil price drops while silver, aluminium prices hold at support as US dollar edges higher on tariff concerns.
Brent crude oil price drops further
The Brent crude oil price's fall through the $73.985-to-$73.725 support zone has so far taken it to $71.895 with the $71.615 late December low remaining in sight. Below it lies the major October-to-December lows support zone which is seen at $70.705-to-$70.23.
The previous support zone, because of inverse polarity, ha now become a resistance zone at $73.725-to-$73.985.
Silver price stabilises near support
The spot silver price's drop from its mid-February $33.39 per troy ounce high has practically taken the precious metal to its 11 February low at $31.25. This held as support, though, with the silver price so far hovering above this level.
Were the $31.25 low to be slipped through, the mid-to-late January highs at $31.02-to-$30.97 would be eyed but may offer support, together with the 55-day simple moving average (SMA) at $30.89 and the early February low at $30.69.
Resistance above Wednesday's $31.95 high can be spotted at the $32.33 mid-December high.
Aluminium price looks to be short-term side-lined
Front month aluminium futures are seen hovering above this and their mid-February lows at 256.95-to-256.00. While this minor support zone and the January-to-February tentative uptrend line at 255.95 underpin, the medium-term uptrend remains intact.
A rise above Wednesday's and the 11 February highs at 261.80-to-262.20 could lead to the gap with last Friday's low at 263.80 being closed.
Failure at 225.95 on a daily chart closing basis may put the late January high at 253.30 on the map.
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