Brent crude oil futures continue to trade within a narrow range, hovering in the middle of the sideways price movement seen from November to December. The price remains capped by the 55-day simple moving average (SMA) at $73.27. A slight resistance level is also present at the December 26 high of $73.77.
If the price drops below the lows seen Tuesday to Thursday, around $72.61 to $72.51, the December 20 low of $71.71 could come back into focus.
Key support levels are found in the $70.76 to $69.91 range, with major resistance between $74.18 and $76.16. This resistance zone includes lows from early to mid-August, as well as highs from late September, October, and December.
Silver Prices Trade Within a Narrow Range Amid Low Activity
Spot silver prices have experienced an 11% drop from their December 12 high of $32.33 per ounce to a low of $28.75 last week. Since then, the price has shown a minor bounce, reaching the 200-day SMA at $29.76, where it has been fluctuating with low volatility throughout the week.
Resistance can be found just above Monday’s intraday high of $29.87 and today’s high of $29.89, with further resistance at the October low of $30.12.
Support levels are seen between the September to November lows, ranging from $29.71 to $29.65, just above Monday’s low of $29.42. Additional support is located at last week’s low of $28.75, and a further drop below this level could lead to testing the September low of $27.69.
Related Topics:
- Brent Crude Oil Price Today (December 27)
- Oil Price Index Live Chart Today ((December 27)
- Today’s WTI Crude Oil Price ((December 27)