Brent oil price achieves some gains – Analysis - 09-08-2022
Brent oil price shows positive trades to approach testing 100.00$ barrier, while the price continues to move inside the main bearish channel, and the EMA50 meets this channel’s resistance to add more strength to it, while stochastic loses its positive momentum to reach the overbought areas.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its targets begin by breaking 97.85 to ease the mission of heading towards 95.90 followed by 90.45 levels, noting that holding below 100.70 is important to continue the expected decline.
The expected trading range for today is between 96.00 support and 101.00 resistance.
The expected trend for today: Bearish
Crude oil price attempts to recover – Analysis - 09-08-2022
Crude oil price bounced upwards strongly after touching 86.60 level yesterday, to test the main bearish channel’s resistance that appears on the chart, accompanied by stochastic loss to the positive momentum clearly, while the EMA50 continues to press negatively on the price.
Therefore, we believe that the chances valid to resume the main bearish trend, which its next target located at 85.90, noting that the continuation of the bearish wave requires holding below 90.65.
The expected trading range for today is between 87.00 support and 91.50 resistance.
The expected trend for today: Bearish
Silver price surpasses the first target - Analysis - 09-08-2022
Silver price rallied upwards strongly to succeed breaching 20.50 level and hold above it, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, and the way is open to head towards our next target at 21.00.
The EMA50 continues to support the price from below, to support the chances of achieving more gains on the intraday and short term basis, noting that holding above 20.50 represents initial condition to continue the bullish wave.
The expected trading range for today is between 20.40 support and 21.20 resistance.
The expected trend for today: Bullish
Gold price resumes the rise – Analysis - 09-08-2022
Gold price managed to breach 1779.25 level and hold above it, which supports the continuation of the expected bullish trend for the upcoming period, paving the way to head towards 1802.80 that represents our next target, noting that breaching this level will extend the bullish wave to reach 1831.95 as a next main station.
Therefore, the bullish trend scenario will remain valid and active, supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1779.25 and the most important above 1755.70.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bullish