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Brent oil price resumes the rise – Analysis - 05-10-2021
Brent oil price resumed its positive trading by today’s open, to approach our extended waited target at 82.00, and we expect to surpass this level to visit the bullish channel’s resistance, located at 82.70 now.
Therefore, the bullish bias will remain dominant on the intraday and short term basis, supported by the EMA50 that protects trades inside the mentioned channel, noting that the continuation of the bullish wave requires holding above 79.90.
The expected trading range for today is between 80.00 support and 82.70 resistance.
The expected trend for today: Bullish
Crude oil price rises strongly – Analysis - 05-10-2021
Crude oil price’s rise stopped at 78.35, to show temporary negative trades, noticing that the price completed forming bullish flag pattern that appears on the minor image, as it breached this pattern’s resistance to get positive motive that we expect to push the price to achieve additional gains that reach 79.00 followed by 80.00.
MoreSilver price tests the support base - Analysis - 05-10-2021
Silver price tests the support line formed at 22.40, and the price needs to break this level to return to the bearish channel that appears on the chart followed by reinforcing the chances of continuing the decline on the intraday basis.
MoreGold price tests the resistance – Analysis - 05-10-2021
Gold price found solid resistance at 1770.00 level, and couldn’t breach it, to start declining by today’s open, which keeps our bearish overview valid for the upcoming period, and the price needs to break 1755.00 to ease the mission of heading towards our main expected target at 1735.00.
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