Brent crude oil has fallen below a critical technical level of $101.50, confirming a bearish chart pattern that puts the next major support level near $97.50 in focus for traders.
The price of silver has fallen sharply below its 200-period moving average and the Ichimoku cloud, two critical long-term support indicators. Technical analysis suggests the precious metal could see further declines if it fails to hold the $61.18 support level.
Natural gas prices are trading within a narrow band between $3.081 and $3.203, signaling a period of indecision among traders following a recent sharp price increase. Technical indicators suggest a significant breakout could be imminent as key support and resistance levels converge.
West Texas Intermediate crude is trading just below a major technical resistance wall between $95.60 and $97.73, a critical level that could determine the next significant market move amid conflicting signals.
China's commerce ministry announced tariff reductions on a range of US agricultural products including corn and meat, but the list notably omits soybeans, the largest US farm export to the country. The move follows recent high-level trade talks between Washington and Beijing.
China's commerce ministry said a two-month extension of its trade truce with the U.S. provides a stable environment for further negotiations, including discussions on a $30 billion reciprocal tariff cut and new working groups for key sectors.
Gold prices declined more than 1% on Monday, pressured by elevated oil prices and strengthening expectations that the U.S. Federal Reserve will need to maintain a hawkish monetary policy stance.
Crude oil benchmarks rose over 1% after the United States rejected Iran's conditions for reopening the critical Strait of Hormuz, prolonging supply uncertainty from the key global shipping chokepoint.
Crude oil exports from key Middle East producers rose to a multi-month high of 12.8 million bpd in September, as Saudi Arabia rerouted shipments to its Gulf ports. However, total volumes remain significantly below pre-conflict levels, according to data from Kpler.
