Midday update for Brent oil 26-05-2023
Brent oil price trades positively to approach the sideways range’s resistance at 76.80, and the sideways move scenario still valid until confirming breaching one of the mentioned range’s lines represented by the mentioned resistance and 74.30 support line followed by detecting the next destination clearly.
To review the details of the expected targets after the breach, please check our morning issued report.
The expected trading range for today is between 74.00 support and 77.70 resistance.
The expected trend for today: Sideways
Midday update for Crude oil 26-05-2023
Crude oil price fluctuates within sideways and tight track since morning, falling under the negative pressure formed by the EMA50, to keep the chances valid to continue the expected bearish trend for today, which its targets begin by breaking 71.55 to confirm extending the bearish wave towards 70.00.
On the other hand, we should note that breaching 72.50 will push the price to recover and rise for the rest of the day to test 73.80 before any new attempt to decline.
The expected trading range for today is between 69.70 support and 73.10 resistance.
The expected trend for today: Bearish
Midday update for Silver 26-05-2023
Silver price shows clear positive trades, to breach 23.00 level and attempts to hold above it, which urges caution from the upcoming trading, as confirming breaching this level represents positive factor that will stop the recently suggested negative scenario and push the price to visit 23.70 level mainly.
The EMA50 continues to press negatively on the price to support the chances of continuing the bearish trend in the upcoming sessions, waiting to break 23.00 again to revive the bearish trend scenario that its next target located at 22.25.
The expected trading range for today is between 22.30 support and 23.10 resistance.
The expected trend for today: Bearish
Midday update for Gold 26-05-2023
Gold prices trades positively to move away from 1945.20 level, and tests minor resistance line located at 1954.00 after breaking it previously, to form protection factor to the continuation of the expected bearish trend for today, which its targets begin by breaking 1945.20 to open the way to head towards 1913.15 as a next correctional target.
On the other hand, we should note that surpassing 1954.00 will push the price to achieve additional gains that reach 1977.25 before any new attempt to decline.
The expected trading range for today is between 1925.00 support and 1960.00 resistance.
The expected trend for today: Bearish