Brent Oil Price Analysis

Expected Scenario

• The Brent oil price bounced downwards strongly and couldn’t manage to confirm the return to the bullish channel.
• It attacked the 87.67$ level and headed towards a potential return to the correctional bearish trend.
• We expect domination of the bearish trend in the upcoming sessions, targeting 84.77$ areas as the next negative station.
• Therefore, we expect to witness more decline for the rest of the day.
• Noting that trading above 87.67$ again will lead the price to recover and achieve gains that start at 90.10$ followed by 92.35$.

Expected Trading Range

Between 85.50$ support and 88.00$ resistance.

Crude Oil Price Analysis

Expected Scenario

• Crude oil price couldn’t manage to hold for a long time above the 83.90$ level.
• It trades with strong negativity and loses the morning gains as it breaks the mentioned level.
• This leads to falling under expected negative pressure for the rest of the day, targeting testing 81.50$ initially.
• Noting that breaking this level will extend the bearish wave to reach 79.60$ as the next negative station.
• Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallies to breach 83.90$ and holds with a daily close above it.

Expected Trading Range

Between 81.50$ support and 84.00$ resistance.

Silver Price Analysis

Expected Scenario

• Silver price returns to test the key support at 28.00$.
• The EMA50 attempts to protect the expected positive scenario for today.
• Waiting to resume the bullish wave that its next main target reaches 29.80$.
• Reminding you that breaching 28.95$ will ease the mission to achieve the suggested target, while holding above 28.00$ represents a major condition for the continuation of the expected rise.

Expected Trading Range

Between 28.25$ support and 29.20$ resistance.

Gold Price Analysis

Expected Scenario

• Gold price faces temporary negative pressure after testing the bullish channel’s resistance line.
• It fluctuates around the 2385.00$ level now, while the EMA50 continues to provide positive support to the price.
• This keeps the chances valid to continue the main bullish trend, with targets beginning by breaching 2431.45$ to confirm rallying towards 2510.00$.
• On the other hand, breaking 2375.00$ will put the price under negative pressure to head towards testing 2325.90$ before any attempt to resume the bullish track again.

Expected Trading Range

Between 2375.00$ support and 2425.00$ resistance.