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Brent Crude Rises Ahead of OPEC+ Meeting; Silver and Wheat Stabilize

by Krystal

Brent crude oil prices recovered from a two-week low of $71.49 on Monday, as markets await Thursday’s OPEC+ meeting. The group is expected to delay increasing production due to ongoing weakness in oil prices.

For prices to continue rising, they will need to surpass last week’s high of $73.31. If this happens, the price could move towards the October-to-December downtrend line at $73.76. The 55-day simple moving average (SMA) at $73.97 may limit short-term gains. If this level is broken, resistance may be found between $74.95 and $76.16.

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If prices drop below Monday’s low of $71.49, key support levels are seen between $70.64 and $69.91, which are the lows from October and November.

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Silver Price Attempts to Recover

Silver prices followed gold in dropping recently, as tensions in the Middle East eased. Last week’s low of $29.68 served as support, with prices briefly dipping to $29.65 before bouncing back. If this support fails, the next support level is the early August high of $29.22, followed by the 200-day SMA at $29.20.

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With the downtrend line from October to December now broken at $30.36, silver could rise towards the mid-November high, with the 55-day SMA at $31.54 – $31.66 offering further upside potential.

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US Wheat Price Recovers from Three-Month Low

US wheat prices bounced off a November low of $544, with Friday’s high of $553 in focus. If this level is exceeded, prices may test the November 20 low of $562 and the downtrend line from October to December at $565. However, as long as prices stay below the November 21 low of $576, the medium-term downtrend will remain in place.

A drop below $544 would bring the late August low of $521 into focus.

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