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Brent oil price achieves temporary gains – Analysis - 03-08-2022
Brent oil price rallied upwards strongly yesterday to breach the bearish channel’s resistance and achieve intraday gains that reached 106.45, but it returns to decline and fluctuate around the mentioned channel’s resistance, as it falls under continuous negative pressure coming by the EMA50, to support the chances of resuming the main bearish trend, waiting to test 102.25 initially.
Therefore, we expect to witness negative trades in the upcoming sessions, and breaking 102.25 will push the price to 99.25 areas on the near term basis, while the expected decline will remain valid unless the price rallied to breach 105.75 and hold above it.
The expected trading range for today is between 100.00 support and 105.75 resistance.
The expected trend for today: Bearish
Crude oil price attempts to recover – Analysis - 03-08-2022
Crude oil price traded with clear positivity yesterday to breach the bearish channel’s resistance and reach the EMA50, which forms solid resistance that forced the price to decline again, which makes us suggest resuming the negative trades and attempts to return to the main bearish channel again, to head towards achieving negative targets that reach 89.60.
MoreSilver price gathers the positive momentum - Analysis - 03-08-2022
Silver price faced solid resistance at 20.50, to reound bearishly and approach the EMA50 that continues to support the price from below, noticing that stochastic gained clear positive momentum now, waiting to motivate the price to resume the bullish wave that its next target reaches 21.00.
MoreGold price tests the support base – Analysis - 03-08-2022
Gold price traded negatively on yesterday’s evening to test the key support 1755.70, and begins today with bullish bias to move away from the mentioned level, to keep the bullish trend scenario valid and active for the upcoming period, which its targets begin by breaching 1779.25 to open the way to head towards 1802.80.
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