Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​Brent crude oil, silver and aluminium price rises stall during US Independence Day holiday

​​​The Brent crude oil price remains close to its 2-month high while silver and aluminium prices stay close to Wednesday’ highs.

Oil Source: Getty Images

​​​Brent crude oil price stays close to its 2-month high

​The Brent crude oil front month futures price has Friday’s two-month high at 87.29 in its sights. It was made close to the 87.11 mid-March peak and above it beckons the minor psychological 90 region.

​The June-to-July support line at 86.1 is expected to hold, if revisited on Thursday. Below it the 84.72 to 83.17 zone offers solid support. It consists of the January, early March, early and late May highs as well as the 55- and 200-day simple moving averages (SMAs).

Brent Crude Oil Daily Chart Source:
Brent Crude Oil Daily Chart Source:

​Silver price stalls at resistance

​On Wednesday the spot silver price broke out of its May-to-June downtrend channel and rallied to $30.67 per troy ounce, close to the $30.85 late June high which acted as resistance. The breached downtrend channel resistance line, now because of inverse polarity a support line, at $30.1 might offer support ahead of the 28 June high at 29.62.

​Above the $30.67 to $30.85 resistance zone sits the 7 June high at $31.55.

Spot Silver Daily Chart Source:
Spot Silver Daily Chart Source:

​Aluminium price sees a small bid

​The price of aluminium, which dropped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias above that low while being supported by the February-to-June uptrend line at 2,505.

​A rise above Wednesday’s 2,561 high is needed for the 55-day SMA at 2,582 to be in focus.

​Currently unexpected failure at 2,470 would engage the 2,399 December peak.

Aluminium Daily Chart Source:
Aluminium Daily Chart Source:

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.