Brent Oil Price Analysis

Expected Scenario

• Brent oil price returns to rise after the sideways fluctuation that it witnessed in the previous sessions, as it succeeded to achieve our first waited target at 85.80$. The price is waiting to resume the positive trades within the bullish channel that appears on the chart to reach our next target at 87.67$.
• Therefore, the bullish trend scenario will remain active for the upcoming period. Breaking 84.77$ will stop the expected rise and push the price to turn to decline.

Expected Trading Range

Between 84.40$ support and 87.40$ resistance.

Crude Oil Price Analysis

Expected Scenario

• Crude oil price continued to rise to manage to breach 81.50$ and close the daily candlestick above it, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis. The price is organized inside the bullish channel that appears on the chart, supporting the chances of achieving new positive targets starting at 82.25$ and extending to 83.90$.
• The EMA50 keeps supporting the suggested bullish wave. Failing to consolidate above 81.50$ will push the price to turn to decline, testing the bullish channel’s support line at 80.25$ and potentially extending to 79.60$ before any new attempt to rise.

Expected Trading Range

Between 81.20$ support and 83.30$ resistance.

Silver Price Analysis

Expected Scenario

• Silver price provided additional positive trades yesterday to move away from 30.06$ level and confirm the continuation of the bullish wave on the intraday basis. The target is to achieve positive targets starting at 31.00$ and extending to 31.55$, with potential temporary sideways and negative fluctuation influenced by stochastic negativity.
• Moving above the EMA50 supports the expected rise, which will remain valid unless breaking 30.06$ and holding below it again.

Expected Trading Range

Between 30.20$ support and 31.10$ resistance.

Gold Price Analysis

Expected Scenario

• Gold price traded with clear positivity yesterday to breach 2340.10$ and settle above it, stopping the correctional bearish scenario and aiming to resume the main bullish trend. The target is to achieve gains starting by testing 2385.00$ and extending to reach the historical high at 2450.00$.
• We expect to witness more rise on the intraday and short-term basis, noting that breaking 2340.10$ will push the price to decline and target the next correctional level at 2272.06$.

Expected Trading Range

Between 2345.00$ support and 2385.00$ resistance.