Brent crude oil stalls as silver and sugar prices show mixed trends

IG

The resistance encountered by Brent crude oil prices has caused them to remain below the range of 74.97-75.24, which was established on 5 and 21 August. If this resistance is broken, prices could move towards the downtrend line at 76.60.

A decline below Monday's low of 72.53 could result in a retest of the 70.00 region.

Spot silver prices have seen a significant increase of over 11% since early September, reaching a high of $31.43 per troy ounce. If this level is surpassed, the next targets are the June high at $31.55 and the July peak at $31.75.

However, a drop below the uptrend line and Monday's low at $30.36 could lead to a decline towards last week's low of $29.71.

Sugar prices have experienced a substantial surge of over 21% to a seven-month high due to supply constraints caused by Brazil's drought and fires. The front month futures contract reached 23.11.

Although the upside momentum seems to be slowing down, further advances could target the January and February highs at 23.71-23.86.

Potential support levels are identified around the mid-March high at 22.21 and the February low at 21.57.

Major support is found between the July and August peaks at 20.79-20.11, which coincides with the 200-day simple moving average.

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