Brent oil price keeps rising – Forecast today - 02-04-2024
Brent Oil Price Analysis
Brent oil price provided additional positive trades in the previous sessions, reaching 88.50$ areas. This reinforces the expectations of continuing the bullish trend on the intraday and short-term basis, organized inside the bullish channel visible on the chart. This supports the chances of achieving our next waited target at 90.00$.
Therefore, we are waiting for more expected rise in the upcoming sessions supported by the EMA50. However, breaking 87.40$ might push the price to test the mentioned channel’s support line around 86.10$ before any new attempt to rise.
Trading Range Forecast
The expected trading range for today is between 87.00$ support and 90.00$ resistance.
Trend forecast: Bullish
Crude oil price awaits more rise – Forecast today - 02-04-2024
Crude Oil Price Analysis
Crude oil price trades above the 84.00$ barrier after the rise witnessed in the previous sessions, settling inside the bullish channel visible on the chart. It is now waiting to resume the bullish wave targeting 85.00$ followed by 86.75$ levels as the next main stations.
The EMA50 keeps supporting the price from below, reinforcing the expectations of achieving more gains on the intraday and short-term basis. However, breaking 83.56$ will put the price under correctional bearish pressure for the bullish wave that started from 71.35$ areas.
Trading Range Forecast
The expected trading range for today is between 83.00$ support and 86.00$ resistance.
Trend forecast: Bullish
Silver price tests the support base - Forecast today - 02-04-2024
Silver Price Analysis
Silver price tested the key support formed at 24.85$ after breaching it previously and bounced bullishly from there. This keeps the bullish trend scenario valid and active, supported by the EMA50 that carries the price from below. It is worth noting that stochastic approaches to overlap positively to motivate the price to provide more positive trades.
Our waited targets begin at 25.50$ and extend to 26.07$, noting that it is important to hold above 24.85$ to continue the expected rise.
Trading Range Forecast
The expected trading range for today is between 24.85$ support and 25.60$ resistance.
Trend forecast: Bullish
Gold price faces temporary negative pressure – Forecast today - 02-04-2024
Gold Price Analysis
Gold price returns to rise after approaching the key support at 2222.86$. It needs to surpass the key resistance at 2260.00$ to reinforce the expectations of continuing the bullish trend within the bullish channel that appears on the chart. This supports the chances of targeting 2300.00$ as a next positive station.
We will continue to suggest the bullish trend for the upcoming period. However, breaking 2222.86$ followed by 2202.00$ levels will stop the bullish wave and push the price to start a bearish correction on the intraday basis.
Trading Range Forecast
The expected trading range for today is between 2235.00$ support and 2270.00$ resistance.
Trend forecast: Bullish