Brent Crude Oil Declines on Russia-Ukraine Peace Hopes
Brent crude oil prices slipped amid optimism over a potential peace agreement between Russia and Ukraine, raising expectations of eased Russian sanctions.
The recent low of $73.94 per barrel is back in focus, with a break below this level potentially targeting the $73.00 mark.
Resistance is seen at the 55-day simple moving average (SMA) of $75.06, with further upside resistance at Tuesday’s high of $77.01.
Silver Prices Hold Strong
Spot silver remains firm, hovering near the mid-December high of $32.33 per troy ounce. The next key resistance level is last week’s three-month high of $32.65.
A breakout above $32.65 could see silver testing the late September and early October 2024 highs in the $32.71–$32.96 range.
Short-term support is anticipated at the November highs of $31.53–$31.48, followed by this week’s low of $31.25.
Copper Prices Continue Upward Momentum
Copper prices have extended their rally, reaching $4.7453, with the May 28, 2024 high of $4.9000 as the next major resistance level.
A breakthrough above $4.9000 could see copper testing the psychological $5.0000 mark.
Potential declines may find support around the June 12, 2024 high of $4.6123 or the June 20, 2024 high of $4.5888.
Market Outlook: Traders will be closely monitoring geopolitical developments, inflation trends, and central bank policies for further direction in the commodity markets.
