The front-month futures price of Brent crude oil remains locked in the middle of its sideways trading range, established between November and December.
Support is seen near Friday’s low of $71.71, with minor resistance at the 55-day Simple Moving Average (SMA) of $73.44. Below $71.71, additional support lies at the early December low of $70.76 and the critical $70.76–$69.91 support zone. On the upside, resistance can be found at last week’s high of $74.38, followed by a major resistance zone between $74.18 and $76.16, formed by the lows of early to mid-August and highs spanning late September to December.
Spot Silver Remains Steady Amid Light Trading
The spot silver price, which dropped 11% from its 12 December high of $32.33 per troy ounce to last week’s low of $28.75, has seen a slight rebound. The price now hovers near the 200-day SMA at $29.69, with volatility remaining low.
Resistance is identified between the mid-September to November lows at $29.65–$29.71 and the October low of $30.12. On the downside, support lies at Monday’s $29.42 low and last week’s trough of $28.75. A decline below $28.75 could push the price further down toward the September low of $27.69.
U.S. Wheat Prices Recover From Five-Month Low
U.S. wheat prices have rebounded slightly after falling from the 11 December high of 570 to Friday’s five-month low of 533. By Monday, prices had risen to a high of 547. If this level is surpassed, the next targets could be the 18 December peak at 556 and the October-to-December downtrend line at 560.
Support remains just above last week’s low of 533, with Monday’s trough at 537 providing additional backing. However, a failure to hold at 533 could lead to a further decline toward the August low of 521.
Related Topics:
- The Shale Titans Clash: 2 Must-Watch Oil Stocks for 2025
- Trump’s Oil Strategy Faces Market Oversupply in 2025
- India Could Contribute to 25% of Global Oil Demand Growth by 2025