Midday update for Brent oil 13-04-2021
Brent oil price returns to rise to surpass 63.40 level and head towards potential test to the most important resistance 64.20, and as we mentioned this morning, the price needs to hold below these levels to keep the bearish trend scenario valid for today, as breaching the last level will push the price to turn to rise, while breaking 63.40 represents the key to reactivate the bearish trend that its next main target located at 60.30.
The expected trading range for today is between 61.50 support and 64.20 resistance.
The expected trend for today: Bearish
Midday update for Crude oil 13-04-2021
Crude oil price continues to fluctuate around 59.85 level and shows some positive trades now, which urges caution from the upcoming trading, as the price needs to consolidate below the mentioned level to keep the bearish trend valid for the upcoming period, which its next target located at 57.25.
We should note that confirming breaching 59.85 will lead the price to turn to rise and achieve gains that start at 62.25 and extend to 63.75.
The expected trading range for today is between 58.00 support and 60.50 resistance.
The expected trend for today: Bearish
Midday update for Silver 13-04-2021
Silver price settles below the EMA50 that forms good negative pressure against the price, to keep the bearish trend scenario valid and active for today, which depends on the price stability below 25.50, reminding you that our next main target extends to 22.90.
The expected trading range for today is between 24.40 support and 25.30 resistance.
The expected trend for today: Bearish
Midday update for Gold 13-04-2021
Gold price faces new negative pressure to break 1731.00 level and attempts to hold below it, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern that might put the price under more negative pressure in the upcoming sessions.
Therefore, we prefer staying neutral until the price confirm its situation according to the above mentioned level, as holding below it will force the price to achieve additional decline that targets 1701.00 areas initially, while stepping above it again will reactivate the bullish trend scenario that its next target located at 1765.00.
The expected trading range for today is between 1715.00 support and 1750.00 resistance.
The expected trend for today: Neutral