While silver price trades at June 2021 levels, Brent crude oil stays bid but NY cotton nears support
The stellar rise in the silver price is taking a breather, Brent crude oil remains bid as NY cotton futures prices test key support.
Brent crude oil price rallies on heightened geopolitical risks
The Brent crude oil price sold off from Friday’s 91.59 high and then range traded within Monday’s 90.71 to 88.45 trading range as the perception of escalation or de-escalation in the Middle East ebbed and flowed. The upper boundary at 90.71 is back in sight amid fears that Iran is preparing to seek revenge for last week’s attack on its consulate in Syria. Bullish pressure will remain in play while this week’s low at 88.45 underpins with the 91.59 current April high in focus.
Silver price trades at levels last seen in June 2021
The strong rally in the spot silver price has taken it to levels last traded in June 2021, to Wednesday’s $28.52 per troy ounce high, made close to the May 2021 peak at $28.75. If overcome, the minor psychological $30 mark would be in sight. Minor support below Wednesday’s $27.53 low can be spotted in the $27.30 area.
NY cotton futures prices approach key support
Front month NY cotton futures prices continue to slide but are about to test the 86.68 to 85.85 support zone which consists of the late October and January highs as well as the 200-day simple moving average (SMA). Here the cotton price may at least short-term stabilize. If not, the 84.66 late January low would be next in line. While Monday’s high at 89.32 isn’t overcome, immediate downside pressure should be maintained.
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