Midday update for Brent oil 06-10-2021

Crude oil price tested the bullish channel’s resistance and bounced downwards strongly from there, to keep the bearish trend scenario valid and active for the rest of the day, supported by stochastic negativity, to approach our first waited negative target at 77.85, and we expect break this level to head towards 76.65 as a next negative station, reminding you that the continuation of the bearish wave requires holding below 79.60.

Silver price trades negatively to press on 22.30 level, to support the expectations of continuing the bearish trend in the upcoming sessions, waiting for more decline to visit 21.65 level that represents our next main target, reminding you that the continuation of the bearish wave depends on the price stability below 22.90.

Gold price managed to break 1755.00 level and settles below the bearish channel’s resistance again, which supports the continuation of our bearish overview efficiently for the rest of the day, and the way is open to head towards our first main target at 1735.00, reminding you that it is important to hold below 1770.00 to continue the expected decline.