Brent crude oil price range bound while silver, wheat prices slowly recover​

The Brent crude oil front month futures price continues to trade towards the middle of its November-to-December sideways trading range.

​Minor support sits at Friday’s 71.71 low with minor resistance seen along the 55-day simple moving average (SMA) at 73.44.

​Below 71.71 lies the early December 70.76 low and further down the key 70.76-to-69.91 support area. Above 73.44 last week’s high can be spotted at 74.38 high. Above it sits the major 74.18-to-76.16 resistance zone, made up of the early-to-mid-August lows and the late September, late October-to-December highs.

​The spot silver price’s 11% drop from its $32.33 per troy ounce 12 December high to last week’s $28.75 low has been followed by a minor bounce to the 200-day SMA at $29.69, around which it has been oscillating in low volatility this week. Above it resistance can be found between the mid-September-to-November lows at $29.65-to-$29.71 ahead of the $30.12 October low.

​Support below Monday’s $29.42 low comes in at last week’s $28.75 trough, a fall through which would likely engage the $27.69 September low.

The US wheat price’s descent from the 11 December 570 high to Friday’s 533 five-month low has been followed by a minor bounce to Monday’s 547 high. If bettered, the 18 December peak at 556 and the October-to-December downtrend line at 560 may be back in the frame.

​Minor support above last week’s 533 low comes in at Monday’s 537 trough. Failure at 533 would most probably provoke a tumble towards the 521 August low.