Brent Oil Price Analysis

Expected Scenario

• Brent oil price shows weak trades since morning, thus, no change to the expected bearish trend scenario for today, supported by the EMA50, which targets 80.08$ as a next station, reminding you that breaking it will push the price towards 78.50$, while the price needs to hold below 82.45$ and 83.35$ levels to guarantee the continuation of the expected decline.

Expected Trading Range

Between 80.00$ support and 82.60$ resistance.

Crude Oil Price Analysis

Expected Scenario

• Crude oil price settles around 77.00$ barrier, waiting to get new negative motive that assist to push the price to resume the expected bearish wave for today, which targets 75.24$ as a next station, noting that the EMA50 continues to support the expected decline, which will remain valid unless breaching 77.64$ and holding above it.

Expected Trading Range

Between 75.60$ support and 78.60$ resistance.

Silver Price Analysis

Expected Scenario

• Silver price tested the broken bullish trend line again and keeps its stability below it, to keep the bearish trend suggested for today, and we still waiting to break 30.06$ to confirm rallying towards our next negative target at 29.30$, reminding you that the continuation of the bearish wave depends on the price stability below 30.45$ and the most important below 31.00$.

Expected Trading Range

Between 29.70$ support and 30.60$ resistance.

Gold Price Analysis

Expected Scenario

• Gold price is testing the key resistance line 2340.10$, and as we mentioned this morning, the price needs to hold below this level to keep the correctional bearish trend valid, reminding you that our next target is located at 2272.06$.
• On the other hand, we should note that breaching 2340.10$ and holding above it will stop the negative scenario and push the price to build bullish wave that its targets begin by testing 2380.00$ areas.

Expected Trading Range

Between 2305.00$ support and 2345.00$ resistance.