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.
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.
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.
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.
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.
Related Topics:
- Brent Crude Oil Price Live Chart ((November 26)
- Today’s Brent Crude Oil Price Chart (November 25)
- Brent Crude Oil Price Today ((November 22)