Gold price shows mixed trades – Analysis - 16-12-2021
Gold price declined clearly yesterday after breaking 1770.00 level, but it stopped at 1753.00 and bounced upwards strongly to settle around the EMA50, inside the bearish pennant pattern that appears on the chart, noticing that stochastic loses its positive momentum and shows overbought signals now, to form negative motive that we expect to push the price to decline again.
Therefore, we will keep the overall bearish scenario unless the price continued to rise to breach 1788.00 followed by 1797.00 levels, noting that our targets begin by breaking 1770.00 to open the way to rally towards 1734.00 as a next station.
The expected trading range for today is between 1755.00 support and 1797.00 resistance.
The expected trend for today: Overall bearish
Commodities News
Commodities
Oil prices try to recover from seven-week lows
Global oil prices rose in European trade on Thursday for the first time in five sessions away from ...
Commodities
Gold tumbles to one-month lows but still logs in monthly profit
Gold prices fell on Tuesday as the dollar rose against most major rivals, but the precious metal ...
Commodities
Oil prices extend losses, with Brent plumbing five-week lows
Oil prices fell in American trade on Tuesday, extending losses for the third straight session, with ...
Commodities Technical Analysis
Commodities
Wheat price is recovering – Forecast today - 03-05-2024
Wheat Price Analysis Wheat price bounced clearly upwards after the 597.10$ level formed solid ...
Commodities
Soybean price reactivates the correctional scenario – Forecast today - 03-05-2024
Soybean Price Analysis Soybean price breached the 1193.10$ level clearly and closed the daily ...
Commodities
Corn price hits the target – Forecast today - 03-05-2024
Corn Price Analysis Corn price rallied upwards yesterday to succeed achieving our first waited ...