Brent oil price forecast update 06-11-2024

Crude oil price faced strong negative pressure to test the key support 70.58$, which forms solid barrier against the negative trades, and as we mentioned this morning, holding above this level keeps the bullish trend scenario active for the upcoming period, and the price needs to breach 72.15$ to confirm heading towards 73.70$ as a next positive station, noting that breaking 70.58$ will push the price to suffer additional losses that reach 68.65$ on the near-term basis.

Silver price declined strongly to surpass our waited target at 31.95$ and approaches the second target at 31.25$, but it attempts to cover these loses to trade positively and head towards potential test to 32.50$ level, noting that holding below this level will keep the bearish trend dominant in the upcoming sessions, to head towards visiting 31.25$ mainly.

Gold price traded with strong negativity to surpass our first target at 2718.80$ and approaches the second waited target at 2696.85$, noticing that the price attempts to recover now to head towards potential test to the key resistance 2746.00$, and as long as the price is below this level, the correctional bearish scenario will remain valid for the upcoming period, waiting to achieve more negative targets.