Copper price succeeded in surpassing the dominance of the temporary sideways trend, taking advantage of the positive momentum that comes from the main indicators, forming strong bullish rally, achieving the suggested initial gains by reaching $4.8100.
The price needs to provide extra positive close above $4.7500 level, which allows it to form extra bullish waves, to expect its rally towards $4.9500 reaching the next target at $5.3100.
The expected trading range for today is between $4.6900 and $4.9500
Trend forecast: Bullish
The (ETHUSD) price deepened its losses in its last intraday trading, amid the dominance of the main bearish trend on the short-term basis, and the negative pressure remains valid due to its trading below EMA50, breaking the critical support at $4,100, intensifying the chances of extending the losses on the near-term basis, with the emergence of the negative signals on the relative strength indicators, after reaching overbought levels.
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The (Brent) price declined in its last intraday trading, affected by breaching minor bearish trend line on the short-term basis, supported by its continuous trading above EMA50, gaining renewed bullish momentum on the near-term basis and intensifies the chances of extending its strong gains that were gained yesterday, on the other hand, we notice the emergence of negative overlapping signals on the relative strength indicators, after reaching overbought levels, the price attempts to offload some of these overbought conditions, and gathering its gains that will help it to gather the required bullish momentum to resume the rise.
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The (silver) price witnessed fluctuated trading in its last intraday trading, amid its attempts to gain bullish momentum that might help it to recover and resume its strong gains again, amid the dominance of the main bullish trend on the short-term basis and its trading alongside supportive trendline, at the same time it takes advantage of the dynamic support that is represented by its trading above EMA50, besides the relative strength indicators reaching sever oversold levels compared to the price movement, which intensifies the chances of regaining the bullish momentum quickly on the near-term basis.
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