Copper price formed several bearish waves yesterday, to move away from the barrier at $4.9100, to target $4.7600 level again.

Providing negative momentum by stochastic exit from the oversold level will increase the chances for forming new bearish waves, to keep waiting for target the negative stations at $4.6600 level, and breaking this obstacle might extend the trading directly towards $4.5600.

The expected trading range for today is between $4.6600 and $4.8400

Trend forecast: Bearish

Gold price rose in its recent intraday trading, taking advantage of the bullish trend domination on the short-term basis, where the price moves along minor positive line, reinforcing its gains by a clear support from its stability above EMA50.

The positive momentum was supported by the continuation of the positive signals emergence on the (RSI), which confirms the strength of the current pressures towards the upside.

Therefore, the positive scenario remains preferred as long as the price settled above $3,290 support, to target the main resistance at $3,400, if the price managed to surpass this resistance we might witness recording new highs.

The expected trading range is between $3,290 support and $3,400 resistance.

Today’s forecast: Bullish

Silver price declined in its last intraday trading, in a correctional move aimed for gathering gains and renewing the bullish momentum, where the bullish correctional remains the dominant of the short-term basis, especially with the continuation of moving along relatively steep incline, which indicates the strength of the positive pressure, besides the continuous support due to its stability above EMA50.

The positive signals on the (RSI) returned after the price success to offload its overbought condition, which reinforces the chances of resuming the bullish trend. 

Therefore, our expectations suggest a silver price rise in its upcoming intraday trading, if the support level remains stable above $32.90, to target the key resistance at $34.50, which represents a critical level to confirm the continuation of the gains.

The expected trading range is between $32.90 support and $34.20 resistance.

Today’s forecast: Bullish

Crude oil prices rose slightly in its recent intraday trading, taking advantage of the temporary positive momentum that is caused by its stability above EMA50, to compensate for some of its previous losses.

Despite this intraday rise, the negative pressures remain valid, due to the price affection by the formed negative rising wedge pattern on the short- term basis, besides the emergence of the negative overlapping signals on (RSI), after entering overbought areas, which reinforces the possibilities of renewing the selling pressures.

Therefore, our expectations suggest (crude oil) decline in its upcoming intraday trading, if it remains stable below $63.20, to target the support at $61.50, preparing to break below it.

The expected trading range is between $64.40 support and $66.90 resistance.

Today’s forecast: Bearish