Midday update for Brent oil 05-06-2023
Brent oil price trades with strong positivity to move away from 76.80 level and reach the thresholds of the waited target at 78.90, and the way seems open to continue the rise and surpass this level to open the way to rally towards 80.95 areas that represent the next positive station.
Therefore, the bullish trend will remain valid and active for today unless breaking 76.80 and holding below it.
The expected trading range for today is between 75.50 support and 78.90 resistance.
The expected trend for today: Bullish
Midday update for Crude oil 05-06-2023
Crude oil price rallied upwards strongly to start attacking 73.80 level, waiting to breach this level to confirm the continuation of the expected bullish trend for today, which its next target located at 76.10.
Therefore, we will continue to suggest the bullish trend for today supported by the EMA50, noting that failing to surpass 73.80 will push the price to rebound bearishly and head to test 71.55 areas before any new attempt to rise.
The expected trading range for today is between 71.20 support and 74.50 resistance.
The expected trend for today: Bullish
Midday update for Silver 05-06-2023
Silver price shows new negative trades to press on 23.50 level, waiting to break this level to add more confirmation to the continuation of the bearish trend in the upcoming sessions, reminding you that our next station is located at 23.00.
Therefore, the bearish bias will remain dominant and active on the intraday basis, reminding you that it is important to hold below 23.70 to achieve the waited targets.
The expected trading range for today is between 23.00 support and 23.85 resistance.
The expected trend for today: Bearish
Midday update for Gold 05-06-2023
Gold prices achieved initial break to 1945.20 level and closed the last four hours’ candlestick below it, which supports the continuation of the expected bearish trend for today efficiently, paving the way to head towards 1913.15 as a next main target, waiting for more decline in the upcoming sessions, noting that holding below 1945.20 represents initial condition to continue the bearish wave, as breaching it might push the price to start recovery attempts that target testing 1977.25 areas initially.
The expected trading range for today is between 1925.00 support and 1960.00 resistance.
The expected trend for today: Bearish