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Brent oil price suffers sharp losses – Analysis - 02-08-2022
Brent oil price declined strongly after breaking 106.10 level, to surpass our first negative target at 104.45 and approaches few pips away from the extended target at 102.25, and we expect the continuation of the negative pressure affected by trading inside the bearish channel that appears on the chart to attack the last level and open the way to achieve additional negative targets that reach 99.25.
Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 104.30.
The expected trading range for today is between 100.00 support and 105.00 resistance.
The expected trend for today: Bearish
Crude oil price returns to the bearish channel – Analysis - 02-08-2022
Crude oil price declined strongly yesterday to succeed achieving our first negative target at 92.45, and we notice that the price returns to the main bearish channel to support the continuation of the bearish bias in the upcoming sessions, paving the way to head towards 89.60 as a next negative target.
MoreSilver price keeps achieving the positive targets - Analysis - 02-08-2022
Silver price touched 20.50 level and finds solid resistance there, noticing that stochastic gets rid of its negative momentum clearly, waiting to motivate the price to resume the positive trades and breach the mentioned level to open the way to visit 21.00 as a next positive target.
MoreGold price breaches the resistance – Analysis - 02-08-2022
Gold price surpasses the bearish channel’s resistance and settled above it, to head towards achieving more bullish correction, as it tests 50% Fibonacci correction level now at 1779.25, waiting to breach it to open the way to visit 1802.80 as a next positive target.
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