Brent Oil and Silver: Potential Rebound Ahead
Silver rebounded from the downtrend. The asset’s price is now heading south. Currently, the price of silver is forming a flag. Should the silver break this flag, it might eventually test the supporting zone formed between levels 22.00 and 22.30 and located next to the weekly uptrend. Silver is likely to rebound from the crossing point of the abovementioned trendlines soon. So, let’s observe whether it is going to happen.
Last week, the price of the currency pair EUR/USD dropped. Now, it is remaining in a narrow range and forming a potential flag. It is noteworthy that the asset’s price might still try to retest the recently reached maximum points next to the resistance level of 1.1100 and then only drop.
Brent oil keeps moving along the last year’s minimum points. The price of oil might gain very strong support in the zone formed between levels 71.50 and 72.50, rebound, and head north. This scenario might work out.
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