Copper price didn’t move any thing until this moment, announcing its surrender to the dominance of the sideways bias temporarily until ending the contradiction between the main indicators, reminding you that the bullish scenario will remain valid, depending on the stability of the bullish channel’s support at $4.0500, besides the continuation of forming extra support at $4.2600 level, reducing the chances for suffering any extra losses.
While the price success in gaining the positive momentum will provide chance to begin achieving some gains, to expect its rally to $4.6300 initially, attempting to step above 100%Fibonacci correction extension level at $4.7500, to open the way for recording more of the gains in the upcoming period trading.
The expected trading range for today is between $4.2600 and $4.6300
Trend forecast: Bullish
The (ETHUSD) price declined in its last intraday trading, due to testing bearish correctional trend line on the short-term basis, accompanied by the emergence of negative overlapping signals on the (RSI), after reaching overbought levels, reinforcing the negative pressure, despite the dynamic support that is represented by its trading above EMA50, which provides weak chance for breaching this area and rally to the upside.
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The (Brent) price rose in its last intraday trading, due to the stability of the critical support level at $66.00, which represents our target in our previous reports, which provided positive momentum that helped the price to achieve some gains to recover its previous losses, amid its affection by breaking minor bullish trend line on the short-term basis, with the continuation of the negative pressure that comes from its trading below EMA50, besides the emergence of the negative signals on the (RSI).
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The (silver) price rose in its last intraday trading, breaching its current resistance at $37.90, amid the dominance of the main bullish trend on the short-term basis and its trading alongside a bias line, with the continuation of the positive support that comes from its trading above EMA50. This rise came after its success in offloading some of its clear overbought conditions on the (RSI), which allowed the price to achieve more gains on the near-term basis.
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