Brent oil price resumes the rise – Forecast today - 07-11-2024

Crude oil price opens today with new positivity to breach 72.15$ and close the last four hours’ candlestick above it, which supports the expectations of continuing the bullish trend in the upcoming sessions, waiting to visit 73.71$ as a next positive target, which breaching it represents the key to rally to achieve additional gains that reach 74.50$ followed by 75.65$.

Silver price succeeded to achieve our waited target at 31.25$, noticing that the price broke this level to open the way to continue the decline on the intraday and short-term basis, as it achieves bearish correction for the bigger rise measured from 26.41$ to 34.85$, noting that the next station is located at 30.63$, and breaking this level will push the price to visit the next correctional level that extends to 29.64$.

Gold price declined sharply yesterday to surpass the new suggested target at 2675.00$ and reach 2647.70$ areas, and the way seems open to suffer more losses in the upcoming sessions, to head towards visiting 2600.00$ barrier as a next negative station.