Midday update for Brent oil 02-02-2023
Brent oil price bounced bearishly after finding solid resistance at 83.50, to fall under potential negative pressure in the upcoming sessions, targeting testing 81.30 level initially, and we believe that staying aside is required now until the price confirms its next destination clearly, through surpassing one of the mentioned levels.
Note that breaking 81.30 support will lead the price to suffer additional losses that reach 79.10, while breaching 83.50 resistance will push the price to recover and visit 85.10 mainly.
The expected trading range for today is between 81.50 support and 84.00 resistance.
The expected trend for today: Neutral
Midday update for Crude oil 02-02-2023
Crude oil price faces negative pressure to decline and approach 75.65 level, which makes us stop the morning suggested positive scenario and stay aside until we get clearer signal for the next trend, noting that breaking the mentioned level will press on the price to achieve more decline and head towards 73.75 areas as a next main station, while breaching 77.00 will reactivate the positive scenario that targets 78.95 mainly.
The expected trading range for today is between 75.00 support and 77.50 resistance.
The expected trend for today: Neutral
Midday update for Silver 02-02-2023
Silver price shows new positive trades in attempt to reach our main waited target at 24.55, waiting for more rise for the rest of the day, reminding you that breaching the mentioned level will extend the bullish wave to reach 25.00 areas, while achieving these targets depends on the price stability above 23.65.
The expected trading range for today is between 23.90 support and 24.70 resistance.
The expected trend for today: Bullish
Midday update for Gold 02-02-2023
Gold price keeps its stability above 1950.00 level, to keep the bullish trend scenario active for today, supported by the EMA50 that continues to carry the price from below, waiting to get enough positive momentum to push the price to head towards our next main target at 2000.00.
The expected trading range for today is between 1940.00 support and 1975.00 resistance.
The expected trend for today: Bullish