Silver, Brent crude oil price stabilize while wheat prices rally
Brent crude oil price tries to stabilize
Following Brent crude oil futures’ prices sharp fall to levels last traded in June 2023 on worsening US and China economic data amid ample supply, a minor bounce ahead of US ADP and non-farm employment data releases is seen.
Minor resistance sits between the 5 and 21 August lows at 74.97-to-75.24 on the front month futures contract. This is expected to cap on Thursday, were it to be reached at all.
A fall through 72.26 would likely engage the May-to-June 2023 lows at 71.85-to-71.51.
Spot silver price bounces back
Following three straight days of falling spot silver prices on the back of US dollar strength to Tuesday’s $27.71 per troy ounce low, a minor bounce is currently taking shape. The mid- to late June lows at $28.58-to-$28.66 as well as the 22 August low at $28.78 represent possible upside targets.
Were a slip through this week’s low at $27.71 to be seen, though, the 200-day simple moving average (SMA) at $26.46 and the August trough at $26.46 would be back in sight.
US wheat
US wheat futures prices have so far seen six consecutive days of gains from their 521 August low amid supply concerns with the 200-day SMA at 592 and the July high at 596 representing an upside target zone. There the recent advance may run out of steam, however, as it represents resistance.
Minor support comes along the mid-July to mid-August highs at 565-to-564. Further potential minor support is seen along the 55-day SMA at 558.