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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​Brent crude oil price falls while silver, aluminium prices continue their ascents

​​​The Brent crude oil price has come off its 2-month high as investors mull over US employment data while silver, aluminium prices remain bid.

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​​​Brent crude oil price comes off 2-month high

​The Brent crude oil front month futures price has come off Friday’s 2-month high at 87.71 as investors mull over US employment data ahead of this week’s inflation print.

​The fall through the June to July uptrend line at 86.96 is short-term bearish and is likely to lead to the late June highs around 8,547 being revisited. Further down lie the 84.72-to-84.32 mid-to-late May highs which are expected to offer support.

​Only a rise above last week’s high at 87.71 would push the minor psychological 90.00 region back to the fore.

Brent Crude Oil Chart Source: IT-Finance.com
Brent Crude Oil Chart Source: IT-Finance.com

​Silver price trades in 1-month high

​Last week the spot silver price broke out of its May to June downtrend channel and rallied to a 1-month high at $31.49 per troy ounce as the US dollar weakened. This high was made close to the $31.55 early June high, a rise above which would likely engage the $32.51 May peak.

​Potential slips should find support around Wednesday’s $30.67 high ahead of Friday’s $30.13 low.

Spot Silver Chart Source: IT-Finance.com
Spot Silver Chart Source: IT-Finance.com

​Aluminium price continues to grind higher

​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 2,512.

​A rise above last week’s 2,561 high is needed for the 55-day simple moving average (SMA) at 2,580 to be next in line.

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

Aluminium Chart Source: IT-Finance.com
Aluminium Chart Source: IT-Finance.com

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