Midday update for Brent oil 21-09-2023
Brent oil price shows additional negative trades to break 92.74 level and settles below it now, which supports the continuation of the correctional bearish trend domination on the intraday and short-term basis, opening the way to head towards 90.70 as a next main target.
Therefore, we will continue to suggest the bearish trend for today supported by the negative pressure formed by the EMA50, noting that holding below 92.74 represents the first condition to continue the expected decline.
The expected trading range for today is between 91.00 support and 94.00 resistance.
The expected trend for today: Bearish
Midday update for Crude oil 21-09-2023
Crude oil price managed to break 89.35 level and moves away from it now, to activate the negative effect of the head and shoulders’ pattern and gets negative motive that we are waiting to push the price towards 87.16 as a next main target.
Therefore, the bearish trend scenario will remain dominant for the rest of the day, supported by moving below the EMA50, noting that the continuation of the bearish wave depends on the price stability below 89.35 and the most important below 90.15.
The expected trading range for today is between 87.50 support and 90.50 resistance.
The expected trend for today: Bearish
Midday update for Silver 21-09-2023
Silver price hovers around the EMA50, and our neutrality still valid until the price confirms its situation according to 23.00 level to detect the next targets clearly.
To review the details of the expected targets for the upcoming period, please check our morning report.
The expected trading range for today is between 22.70 support and 23.50 resistance.
The expected trend for today: Neutral
Midday update for Gold 21-09-2023
Gold price resumes its negative trading to start moving away from 1929.00 level, to support the continuation of the expected bearish trend for today, and the way is open to achieve our main waited target at 1913.15.
Surpassing the EMA50 will ease the mission of achieving the expected decline, waiting for more bearish bias in the upcoming sessions conditioned by the price stability below 1929.00.
The expected trading range for today is between 1910.00 support and 1940.00 resistance.
The expected trend for today: Bearish