The price of Brent crude oil continues its upward trajectory, rising from a low of $70.76 in early December, driven by ongoing global concerns over crude supply.
Currently, Brent crude has surpassed the 55-day simple moving average (SMA) at $73.93, bringing the December highs of $74.18 to $74.38 into focus. If these levels are surpassed, the crucial resistance range of $74.95 to $76.16 will come into play.
Support for the commodity is seen at the late November high of $73.31, with stronger support in the $70.76 to $69.91 range, which could provide a buffer if the market reverses.
Silver Price Declines Towards Support
Spot silver prices have retreated from a high of $32.33 per troy ounce last week, now trading around $30.29, not far above the October low of $30.12. Should the price drop further, the mid-to-late November lows between $29.68 and $29.65 will come into focus, along with the 200-day SMA at $29.55. These levels are expected to offer solid support for the precious metal.
For silver bulls to regain momentum, the price must break above Friday’s high of $31.10. Only then would the 55-day SMA at $31.67 come back into play, signaling a potential price recovery.
US Wheat Price Retreats After Recent Gains
US wheat prices, after advancing from their November and early December lows between $544 and $542, reached a high of $570 last week, just shy of the November 21 low at $576. However, prices have since pulled back, testing the October-to-December downtrend line, now acting as support at $551.
If this support fails, the lows between $544 and $542 from November and December are expected to provide a further cushion. A break below the December low of $542 could send wheat prices toward the late August low of $521.
