Brent crude oil price probes key resistance as wheat price rises and silver price rise stalls
Brent crude oil price tests key resistance
The Brent crude oil price probes key technical resistance amid escalation in the Middle East with the 5 and 21 August lows at 74.97-to-75.24 so far acting as resistance on a daily chart closing basis.
A rise above Wednesday’s high at 76.08 on the front month futures contract could lead to a swift move towards the next higher late August high at 80.61 unfolding.
Minor support can be spotted at Wednesday’s 73.56 low and the 23 September low at 72.53.
Spot silver side-lined below key resistance
The spot silver price’s over 4% slip from last week’s $32.71 per troy ounce near 12-year high to Monday’s $30.89 low has been followed by further range trading. While $30.89 holds, Wednesday’s high at $32.30 may be revisited. Further up sits key resistance at the $32.51-to-$32.71 May and September peaks.
Were support at $30.89 to give way, the $30.19 late August high may offer support, together with the psychological $30.00 mark.
US wheat price trade in 3 ½ month highs
US wheat futures prices finally managed to break above their 600-to-602 resistance area, made up of the mid-to-late September highs. Its next upside target, the 12 June low at 623.5, is currently being tested. Further up lies the 11 June high at 648 and the 17 May low at 657.
Previous resistance, because of inverse polarity, is now support at 602-to-600. Further down the 200-day simple moving average (SMA) can be seen at 590 and the early September high at 584.