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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 prices remain stable while silver price recovers​

​​​Brent crude oil, US wheat prices remain stable while silver price recovers​ as buyers step back into the precious metal market.​

Oil Source: Adobe images

​​Brent crude oil price sidelined

​The Brent crude oil price holds steady as oversupply eases Middle East escalation concerns.

​A rise above Monday’s front month futures contract high at 72.77 may put the 5 and 21 August lows at 74.97-to-75.24 on the map whereas a fall through last week’s 70.2 low would likely engage the 68.53 September low.

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

​Spot silver stabilises

​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 a bounce off that low. While it underpins, the early June and July lows at $31.55-to-$31.75 may be revisited. Further up sist 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.

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

​US wheat price still grapples with technical resistance

US wheat futures prices continue to oscillate around the 200-day simple moving average (SMA) at 590 whilst remaining below last week’s high, made at the psychological 600 mark. Together with the mid-September high at 602 it acts as resistance. If bettered, the 12 June low at 623.5 would be in focus.

​Minor support below Friday’s 582 low and Wednesday’s 580 trough can be spotted between the 9 and 19 September lows at 569-to-564.

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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