Midday update for Brent oil 08-06-2023
Brent oil price resumes its negative trading to break 76.80 level and attempt to hold below it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, paving the way to achieve negative targets that start at 75.95 and extend to 74.30.
Therefore, the bearish trend scenario will remain valid and active for today unless the price rallied to breach 77.60 and hold above it, noting that stochastic provides negative signals that support the expected decline.
The expected trading range for today is between 75.00 support and 78.20 resistance.
The expected trend for today: Bearish
Midday update for Crude oil 08-06-2023
Crude oil price shows negative trades to head towards testing potential test to the key support 71.55, and the price still confined between the trend keys represented by the mentioned support and 73.00 resistance, to continue with our neutrality until we get clearer signal for the next trend through surpassing one of these levels.
To review the expected targets after the breach, please check our morning report.
The expected trading range for today is between 70.50 support and 74.00 resistance.
The expected trend for today: Neutral
Midday update for Silver 08-06-2023
Silver price returns to attack 23.00 level, motivated by the positive overlapping signal provided by stochastic, and as we mentioned this morning, the price needs to hold below this level to keep the bearish trend scenario valid for today, which targets 23.00 as a next station.
We should note that confirming breaching 23.70 will lead the price to turn to rise and achieve gains that start by visiting 24.00 followed by 24.60 areas.
The expected trading range for today is between 23.00 support and 23.90 resistance.
The expected trend for today: Bearish
Midday update for Gold 08-06-2023
Gold prices provides positive trades to move above 1945.20, affected by stochastic positivity, which urges caution from the upcoming trading, as holding above this level will stop the correctional bearish scenario and push the price to test 1966.45 followed by 1977.25 initially.
The EMA50 forms negative pressure to keep the chances valid to continue the expected bearish trend for today, reminding you that our next target reaches 1913.15.
The expected trading range for today is between 1925.00 support and 1960.00 resistance.
The expected trend for today: Bearish