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Midday update for Brent oil 01-03-2024
Brent oil price shows positive trades now to test the sideways range’s resistance line that appears on the chart, and the price still within this range that its lines represented by 81.00 support and 83.87 resistance, waiting to surpass one of these levels to detect the next targets clearly.
The technical indicators still contradicted and keep the sideways scenario valid, reminding you that breaking the mentioned support will put the price under negative pressure that its targets begin at 79.30 and extend to 77.44, while breaching the resistance represents the key to rally towards 85.00 as a next positive station.
The expected trading range for today is between 81.70 support and 84.80 resistance.
The expected trend for today: Sideways
Midday update for Crude oil 01-03-2024
Crude oil price leaned on 78.25 level and bounced upwards strongly to breach 78.75 and confirm opening the way to continue the rise today, and the way is open to achieve our next target at 80.00, noting that surpassing this level will push the price towards 81.55 as a next positive station.
MoreMidday update for Silver 01-03-2024
Silver price faced strong negative pressure to attempt to return to the bearish channel but it returns to trade above it, and the price needs to hold above this level to keep the positive scenario active for today and guarantee heading towards 23.00 as a main positive target.
MoreMidday update for Gold 01-03-2024
Gold price retested the breached neckline of the inverted head and shoulders’ pattern and bounced upwards from there, and the price needs to consolidate above 2040.00 as a first condition to the continuation of the expected bullish trend for today and continue the positive effect of the mentioned pattern, noting that our waited target is located at 2065.70.
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