Brent Oil Price Analysis

Expected Scenario

• Brent oil price settles near the 77.18$ level, with stochastic beginning to lose positive momentum, indicating a potential resumption of the main bearish trend within the bearish channel on the chart. Our next target is located at 76.00$.
• Holding below 78.05$ is important for the continuation of the bearish trend. Breaching it will lead the price to start recovery attempts and achieve intraday gains targeting testing 80.08$ areas before any new negative attempt.

Expected Trading Range

Between 76.00$ support and 79.00$ resistance.

Crude Oil Price Analysis

Expected Scenario

• Crude oil price’s recent trades are confined within a bearish pennant pattern that appears on the minor image. Thus, the price needs to break 73.15$ to activate the negative effect of this pattern followed by rallying to resume the main bearish trend, which its next target located at 71.35$.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 73.90$ will stop the expected decline and push the price to test the key resistance line 75.25$ before any new attempt to decline.

Expected Trading Range

Between 71.60$ support and 74.60$ resistance.

Silver Price Analysis

Expected Scenario

• Silver price broke 30.06$ level clearly and rallied bearishly to reach few pips away from our waited target at 29.30$, showing some slight bullish bias affected by stochastic current positivity, to head towards potential retest to the resistance line formed at 30.06$, waiting to resume the bearish track to achieve additional negative targets that reach 28.55$.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 30.06$ will stop the expected decline and lead the price to attempt to return to the bullish track again.

Expected Trading Range

Between 29.00$ support and 30.10$ resistance.

Gold Price Analysis

Expected Scenario

• Gold price tested the neckline of the head and shoulder’s pattern again but it finds difficulty to break it until now, to show some bullish bias affected by stochastic positivity, waiting to get negative motive that assist to push the price to break 2318.00$ level and activate the negative effect of the mentioned pattern followed by rallying towards 2272.06$ followed by 2217.10$ levels that represent our next main targets.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that breaching 2340.10$ followed by 2360.00$ levels will stop the expected decline and lead the price to attempt to regain the main bullish trend again.

Expected Trading Range

Between 2315.00$ support and 2350.00$ resistance.