The Brent crude oil price continues to trade within a defined range, maintaining stability despite recent fluctuations. Currently, the Brent crude oil price is supported by lows near $71.71, with resistance around $73.44. This sideways movement suggests that the Brent crude oil price may stay range-bound in the short term, with important levels of support and resistance shaping its near-term outlook.
The Brent crude oil price remains within its established range, with minor support at $71.71 and resistance at $73.44. A drop below $71.71 could test the $70.76 low, while any rise above $73.44 would target higher resistance near the $74.38 high. The range between $74.18 and $76.16 remains a major resistance zone for the Brent crude oil price.
Silver prices have faced some volatility, but the Brent crude oil price continues to dominate market discussions. Despite this, silver is showing signs of recovery after a drop earlier in the month. Temporary support has been found near the 200-day SMA at $29.69, and resistance remains between $29.65 and $29.71. Further declines could push silver back to $28.75, with even lower support at $27.69.
Wheat prices have bounced from a five-month low of $533, while the Brent crude oil price remains largely unchanged. Wheat is seeing a minor recovery, reaching $547. If prices break this level, the next target is the $556 peak. A failure to hold above $533 would lead to further declines toward the $521 low.
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The Brent crude oil price stays range-bound, with silver and wheat prices recovering. Key support and resistance levels in focus.
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