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Brent crude oil finds interim support, silver stays side-lined while sugar rallies to new 11-year high

Outlook on Brent crude oil, silver and sugar.

Sugar image Source: Bloomberg

Brent crude oil found interim support

Oil - Brent Crude’s tumble from last week’s 2 ½ month high at $87.19 due to further central bank monetary tightening that could throttle global growth and energy demand has so far taken it to its current April low at $80.26, nearly closing its March-to-April gap at $79.91, before recovering.

Hopes that the upcoming Golden Week holiday in China may increase fuel demand amid increased travel and a weakening US dollar led to two consecutive rises in the price of Brent crude oil and may extend to a third day with the early April lows at $83.45 to $83.58 offering possible resistance.

Slips may find support along the 55-day simple moving average (SMA) at $81.84 and also along the March-to-April support line at $80.74 ahead of the remaining $80.26 to $79.91 price gap.

Brent Crude Oil Daily Financial Bet chart Source: ProRealTime
Brent Crude Oil Daily Financial Bet chart Source: ProRealTime

Silver sideways trades below its one-year high

The near 30% rally in silver from its $19.90 early March low to its $26.09 mid-April high last week gave way to a low volatility sideways trading range with last week’s low at $24.65 and the $24.63 early February high offering support, together with the 6 April low at $24.57.

If slipped through, the December high at $24.30 would be next in line.

Immediate resistance can be found at last Thursday’s $25.49 high ahead of the current April peak at $26.09, a rise above which would engage the April 2022 peak at $26.22 and the March 2022 high at $26.95.

Silver Daily Financial Bet chart Source: ProRealTime
Silver Daily Financial Bet chart Source: ProRealTime

Sugar price rallies to new eleven-year high

The steep ascent in the price of sugar (no. 11 front month futures), mainly caused by production bottlenecks in key producer nations and countries like India limiting their exports, leading to strong prices as global demand is not being met, has taken it to a new eleven year high at $25.42 for 112000 pounds of raw cane sugar.

The next upside target is the March 2012 high at $26.20, above which there is no resistance to speak of until the February 2010 and August 2011 highs at $30.40 to $31.85.

Immediate upside pressure should be maintained while Monday’s low at $24.07 underpins.

Sugar Daily Financial Bet chart Source: ProRealTime
Sugar Daily Financial Bet chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. 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. See full non-independent research disclaimer and quarterly summary.

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