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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

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