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Brent crude oil, aluminium and silver prices drop amid demand concerns
Brent crude oil, aluminium and silver prices drop amid demand concerns following the US’ weak GDP data release.
Brent crude oil price drops further still
The Brent crude oil price is on track for its fourth day of declines and looks to hit the $60.00 per barrel mark today. Below it sits the April low at $58.18.
Minor resistance can now be found at the mid-April $62.20 low ahead of Wednesday's $63.24 high.
Brent crude oil daily chart
Front month aluminium futures retest key support
Front month aluminium futures are falling out of bed and retest their key April support zone at 229.40-to-228.70. Were it to give way on a daily chart closing basis, the September 2024 low at 225.25 would be eyed.
Minor resistance may be found at the November 232.60 low.
Aluminium daily chart
Silver price drops for third straight day
The spot silver price seems to have topped out at last week's $33.69 per troy ounce high with it revisiting its 17-to-23 April lows at $32.09. Were a daily chart close below this level to be made, the 11 March low at $31.81 may offer minor support. If not, the 11 February low at $31.25 would be next in line.
Minor resistance remains to be seen along the 55-day simple moving average (SMA) at $32.63.
Spot silver daily chart
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