Brent crude oil prices have dropped further, now trading below the 55-day simple moving average (SMA) at $74.89 per barrel.
A break below Tuesday’s low of $73.99 could push prices toward the $73.00 level.
Minor resistance is seen just above the 55-day SMA at $74.89, with further resistance at the January 9 low of $75.43.
As long as prices remain below the February high of $77.05, the recent downtrend remains intact.
Silver Price Gains Lose Momentum
The price of silver briefly surpassed its mid-December high of $32.33 per troy ounce, reaching $32.54 on Wednesday, but has since stalled.
A potential pullback toward the January 30 high of $31.73 seems likely. Additional support is expected between the highs of November 19 and 25, ranging from $31.48 to $31.53.
If silver rises above this week’s high of $32.54, the next resistance levels would be the late September and early October highs, between $32.71 and $32.96.
Copper Price Tests Key Resistance
Copper prices have surged to test a critical resistance zone between $4.4933 and $4.4983, which is formed by the highs from October 11 and November 6.
A sustained move above this level could target the October 2024 high of $4.6668, with the September 2024 peak at $4.7883 next in line.
In case of a pullback, support may be found near the mid-January high of $4.4698 and the October 21 high at $4.4568.
Related Topics:
- Unexpected Large Crude Build Causes Oil Prices to Drop
- What Is the Brent Crude Oil Price Today (February 5)
- Oil Tanker Under US Sanctions Unloads Cargo at Chinese Port, LSEG Data Reveals