Brent oil price within negative pattern – Analysis - 08-08-2022
Brent oil price’s recent trades are confined within bearish flag pattern, and the price needs to break 97.15 to activate the negative effect of this pattern followed by rallying to achieve our negative targets that start at 95.90 and extend to 90.45.
The bearish channel continues to organize the expected bearish wave, which gets continuous support by the EMA50, noting that breaching 100.95 followed by 102.25 levels will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 95.00 support and 99.50 resistance.
The expected trend for today: Bearish
Crude oil price resumes the decline – Analysis - 08-08-2022
Crude oil price bounced downwards clearly after approaching the main bearish channel’s resistance, to resume the main bearish trend, which its targets begin by surpassing 87.40 level to ease the mission of heading towards 85.90 as a next negative station.
The EMA50 and stochastic provide negative signals that support the expected decline, which will remain valid conditioned by the price stability below 90.55.
The expected trading range for today is between 85.90 support and 90.00 resistance.
The expected trend for today: Bearish
Silver price awaits the breach - Analysis - 08-08-2022
Silver price faced negative pressure to test the key support 19.60 and keeps its stability above it, to start rising now and heads towards expected test to 20.50 level, waiting to breach this level to confirm heading towards 21.00 as a next main target.
Therefore, we will continue to suggest the bullish trend, supported by the EMA50 that carries the price from below, reminding you that it is important to hold above 19.60 to achieve the waited targets.
The expected trading range for today is between 19.60 support and 20.50 resistance.
The expected trend for today: Bullish
Gold price leans on the channel’s support line – Analysis - 08-08-2022
Gold price’s decline stopped at the bullish channel’s support line that appears on the chart, and the EMA50 meets this support to add more strength to it, while stochastic shows clear positive signals now.
Therefore, we believe that the chances valid to resume the expected bullish trend for the upcoming period, which its first main target located at 1802.80, reminding you that the continuation of the bullish wave depends on the price stability above 1755.70.
The expected trading range for today is between 1760.00 support and 1795.00 resistance.
The expected trend for today: Bullish