Brent oil price forecast update 10-05-2024
Economies.com
2024-05-10 10:26AM UTC
Expected Trading Scenarios
- Brent oil price trades negatively now in attempt to resume the expected bearish trend for the upcoming period.
- The bearish trend is supported by stochastic negativity, waiting to visit 82.40$ level that represents our next main target.
- Holding below 84.77$ and 85.80$ levels is important to continue the expected decline.
- Breaching them will push the price to turn to rise and stop the current bearish correction.
Expected Trading Range
- Support: 83.00$
- Resistance: 86.00$
Trend Forecast: Bearish
Crude oil price forecast update 10-05-2024
Economies.com
2024-05-10 10:26AM UTC
Expected Trading Scenarios
- Crude oil price shows negative trades to attempt to return below 79.60$ level.
- This reinforces the expectations of continuing the bearish bias for today.
- The bias is supported by RSI negativity, waiting to open the way to rally towards 77.64$ as a next main target.
- Moving below the EMA50 supports the suggested bearish wave.
- This wave will remain valid unless breaching 79.80$ and holding above it.
Expected Trading Range
- Support: 78.00$
- Resistance: 81.00$
Trend Forecast: Bearish
Silver price forecast update 10-05-2024
Economies.com
2024-05-10 10:26AM UTC
Expected Trading Scenarios
- Silver price keeps rising to approach our first waited target at 28.90$ gradually.
- We expect the continuation of the bullish wave within the bullish channel that appears on the chart.
- This is to achieve additional gains that reach the recently recorded high at 29.80$.
- We are waiting for more expected rise in the upcoming sessions.
- It's important to hold above 28.00$ to achieve the suggested targets.
Expected Trading Range
- Support: 28.00$
- Resistance: 28.80$
Trend Forecast: Bullish
Gold price forecast update 10-05-2024
Economies.com
2024-05-10 10:26AM UTC
Expected Trading Scenarios
- Gold price shows additional positive trades to reach 2370.00$ now.
- This reinforces the expectations of continuing the bullish trend in the upcoming sessions.
- The way is open to achieve our positive targets that start at 2400.00$ followed by 2431.44$.
- The EMA50 continues to support the suggested bullish wave.
- This wave will remain valid unless breaking 2325.90$ level and holding below it.
Expected Trading Range
- Support: 2335.00$
- Resistance: 2375.00$
Trend Forecast: Bullish