The price of (Gold) rose in its last intraday trading, preparing to attack the main resistance level at $3,500, after the price success in gathering the gains of its previous rises, and offloading its overbought conditions on the (RSI), opening the way for achieving more of the gains, amid the dominance of the main bullish trend and its trading alongside minor and main bias line that indicates the strength of this track.
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The price of (EURUSD) slipped lower in its last intraday trading, surpassing the support of the EMA50, putting it under negative pressure especially with the emergence of the negative signals on the (RSI), despite reaching oversold levels, indicating a quick decline for the bearish momentum, this decline will cancel the chances for recovery.
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The coffee price ended its last bullish rally by surpassing the barrier at 370.60, confirming its move to a new positive station by recording 390.30 level, which forces it to form some sideways trading due to stochastic exit from the overbought level as appears in the above image.
Therefore, we will keep waiting for the positive momentum, which allows it to settle above 370.00 level, then begin targeting extra positive stations by reaching 400.55 and 411.20.
The expected trading range for today is between 375.00 and 400.00
Trend forecast: Bullish
Natural gas price ended its bullish correctional rally by testing the neckline of the head and shoulders that is represented by $3.050 level, taking advantage of providing negative momentum by stochastic, reaching towards $2.950 level.
The main stability below the main resistance to $3.180 represents a main factor to confirm the bearish scenario, keeping our bearish expectation that might target $2.810 level reaching the barrier at $2.620.
The expected trading range for today is between $2.810 and $3.100
Trend forecast: Bearish