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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Brent crude oil, US wheat price drops halt while silver price dips

​​​Brent crude oil, US wheat price drops halt while silver price dips ​amid an appreciating US dollar.​

Oil rig Source: Adobe images

​​​Brent crude oil price weighs remains under pressure

​The Brent crude oil price remains under pressure but seems to have found interim support at 73.20 on the front month futures contract amid lower US stockpiles.

​It is the fourth day in a row that the front month Brent crude oil futures contract oscillates around its breached July-to-October downtrend line at 74.08.

​Below Tuesday’s 73.20 low lies the 23 September low at 72.53 which remains in sight while the previous support zone, now because of inverse polarity a resistance area, at 74.97-to-75.24 caps.

​Further up meanders the 55-day simple moving average (SMA) at 75.75.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Spot silver price resumes descent

​The spot silver price may have ended it run up to this week’s $32.18 per troy ounce high, made close to the May peak at $32.51. If so, a fall through Tuesday’s $30.77 low would confirm a minor top with the $30.19 late August high and the $30.12 current October low then being back in focus.

​Above $32.18 strong resistance may be encountered between the May and early October highs at $32.51-to-$32.96.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

​US wheat price finds interim support

​Having come off their near four month high at 626 in early October, US wheat futures prices have so far slid to the 200-day SMA at 590 which has been acting as support this week. Were it and this week’s low at 588 to give way, a more significant descent towards the late September low at 583 may be at hand.

​The 600-to-602 zone should still act as a resistance area. While no bullish reversal takes the wheat price to above last week’s 622 high, further downside is expected to be seen, now that a fall though the August-to-October uptrend line has occurred.

US wheat chart Source: IT-Finance.com
US wheat chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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