Brent oil price forecast update 16-04-2024

Economies.com

2024-04-16 09:52AM UTC

Brent Oil Price Forecast

Brent oil price finds solid resistance at 90.90$, to show negative trades and test the EMA50 that forms key minor support at 90.00$, and the price needs to hold above this level as a first condition to the continuation of the expected bullish trend for today, which its next target located at 93.40$.
On the other hand, we should note that breaking 90.00$ followed by 89.20$ levels will put the price under more negative pressure to head towards visiting 87.40$ areas on the near-term basis.

The expected trading range for today is between 89.00$ support and 92.80$ resistance.

Trend forecast: Bullish

Economies.com

2024-04-16 09:48AM UTC

Crude oil price trades negatively to press on 85.45$ support line, which urges caution from the upcoming trading, as confirming the break and holding below this level will push the price to turn to decline for the rest of the day and head towards 83.30$ mainly, while the price needs to consolidate above the mentioned support to revive the bullish trend that its next target located at 87.60.$.

The expected trading range for today is between 84.50$ support and 87.00$ resistance

Trend forecast: Bullish

Economies.com

2024-04-16 09:48AM UTC

Silver price faces clear negative pressure now, to approach the key support 28.00$, which urges caution from the upcoming trading, as breaking this level will complete forming negative pattern that has the ability to push the price to achieve bearish correction that targets testing 26.90$ direct.
Until now, the bullish trend scenario still valid unless breaking 28.00$ and holding below it, reminding you that the next main target of the current bullish wave is located at 29.80$.

The expected trading range for today is between 28.00$ support and 29.00$ resistance.

Trend forecast: Bullish

Economies.com

2024-04-16 09:48AM UTC

Gold price trades negatively now, affected by stochastic negativity, waiting to get positive motive that assist to push the price to resume the expected bullish trend for today, which targets 2510.00$ as a next main station.
On the other hand, we remind you that breaking 2325.90$ will put the price under the correctional bearish pressure again, to head towards 2260.60$ as a next negative target.

The expected trading range for today is between 2360.00$ support and 2410.00$ resistance.

Trend forecast: Bullish

The price of Brent Oil is $68.30 (2025-07-04 23:54PM UTC)