Midday update for Brent oil 18-03-2021

Crude oil price resumes its negative trading to reach 63.55 now, to keep the bearish trend scenario valid and active for today, which its targets extend to 62.50, noting that the EMA50 supports the expected decline, which will remain valid unless breaching 64.55 and holding above it.

Silver price shows negative trades to move away from 26.40, to support the chances of resuming the recently suggested bearish trend, to suggest the bearish bias for the rest of the day unless breaching the mentioned level and holding above it, noting that our negative targets begin at 25.50 and extend to 24.55 after breaking the previous level.

Gold price faces strong negative pressure now to break 1739.50 and heads to suffer more potential losses in the upcoming sessions, which makes us stay aside now until we get clear signal for the next trend, noting that continuing the decline and breaking 1722.00 will push the price to continue the bearish trend and achieve negative targets that extend to 1692.00, while breaching 1742.00 and holding above it will reactivate the bullish trend scenario that its next target located at 1765.00.