End of day gold price forecast update - 05-04-2024
Gold price rallied upwards strongly to succeed achieving our waited target at 2330.00$, and we believe that the way is open to continue the rise and achieve additional gains that reach 2350.00$ areas as a next main station, motivated by stochastic positivity, noting that holding above the support base formed at 2300.00$ represents the first condition to the continuation of the expected rise.
Brent oil price forecast update 05-04-2024
Brent Oil Price Analysis
Expected Scenario
- Brent oil price shows positive trades now in attempt to resume the expected bullish trend for today.
- Waiting to breach 91.55$ to confirm rallying towards our next main target at 92.75$.
Expected Outcome
In general, the bullish trend scenario will remain valid and active for today conditioned by the price stability above 91.05$.
Breaking it might push the price to achieve some bearish correction before turning back to rise again.
Expected Trading Range
Between 90.20$ support and 93.30$ resistance.
Trend Forecast: Bullish
Crude oil price forecast update 05-04-2024
Crude Oil Price Analysis
Expected Scenario
- Crude oil price shows sideways trades since morning.
- Settling near the 87.00$ level, waiting to gather positive momentum to resume the main bullish trend.
- Targeting 89.40$ areas as a next main station.
Expected Outcome
The EMA50 continues to support the expected bullish wave.
Holding above 86.00$ is important as a first condition for the continuation of the expected rise.
Expected Trading Range
Between 86.00$ support and 89.00$ resistance.
Trend Forecast: Bullish
Silver price forecast update 05-04-2024
Silver Price Analysis
Expected Scenario
- Silver price faced strong negative pressure in the previous sessions.
- Breaking the 26.80$ level and reaching 26.30$ areas hinted a potential turn to decline.
- The price is recovering and testing the 26.80$ level now, motivated by stochastic current positivity.
Expected Outcome
The contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to the mentioned level.
Breaching the 26.80$ level will reactivate the bullish trend scenario with the next main target located at 28.00$, while consolidating below it will push the price to suffer additional losses reaching 25.80$ followed by 25.50$.
Expected Trading Range
Between 26.60$ support and 27.25$ resistance.
Trend Forecast: Neutral