Midday update for Gold 16-05-2022
Gold price provided clear negative trades and approached 1780.25 level, to support the expectations of continuing the decline in the upcoming sessions, noting that breaking the mentioned level will push the price to 1765.00 as a next negative target, while the expected decline will remain valid unless the price rallied to breach 1850.00 and hold above it.
The expected trading range for today is between 1780.00 support and 1825.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 16-05-2022
The GBPUSD pair shows more bearish bias to move away from the bearish channel’s resistance, motivated by stochastic negativity, waiting for additional negative trades to achieve our targets that start at 1.2165 followed by 1.2080, reminding you that the continuation of the bearish wave depends on the price stability below 1.2295.
The expected trading range for today is between 1.2160 support and 1.2320 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 16-05-2022
The EURUSD pair surpassed 1.0405 level and settled above it, to head towards achieving more expected intraday bullish correction in the upcoming sessions, and we prefer to monitor the upcoming trading to confirm the next destination clearly, noting that breaching 1.0435 will push the price to 1.0490 as a next positive station, while breaking 1.0405 will reactivate the main negative scenario to head towards testing 1.0355 initially.
Therefore, we will stay aside temporarily until the price confirms surpassing one of the above mentioned levels.
The expected trading range for today is between 1.0350 support and 1.0480 resistance.
The expected trend for today: Neutral
Copper price loses the negative momentum – Analysis – 16-5-2022
Copper price lost its negative momentum by stochastic rally above 50 level, to force it to form a temporary rebound towards 4.1800, which forms the extra barrier against the negative trading.
Forming sideways fluctuation until gathering the negative momentum, to ease the mission of resuming the negative attack to repeat the attempts of reaching the negative stations near 3.9300 and 3.7000.
The expected trading range for today is between 4.2200 and 3.9300
The expected trend for today: Bearish