Midday update for Gold 29-12-2021
Gold price shows additional bearish bias to approach testing 1797.00 level, and as long as the price is above this level, our bullish overview will remain valid for today, supported by stochastic positivity, besides the EMA50 that carries the price from below, reminding you that our next main target is located at 1825.15.
The expected trading range for today is between 1795.00 support and 1825.00 resistance.
The expected trend for today: Bullish
Midday update for the GBPUSD 29-12-2021
The GBPUSD pair returns to test the key support 1.3410, which urges caution from the upcoming trading, as breaking this level followed by breaking 1.3370 will stop the correctional bullish scenario and press on the price to resume the main bearish trend again, while we are waiting for bullish rebound that targets 1.3485 level as a next positive station.
The expected trading range for today is between 1.3360 support and 1.3410 resistance.
The expected trend for today: Bullish
Midday update for the EURUSD 29-12-2021
The EURUSD pair broke 1.1300 support line clearly and attempts to hold below it, which hints heading to activate the bearish trend scenario in the upcoming sessions, but we need to get a daily close below this level to confirm the continuation of the decline towards 1.1150.
Therefore, we will continue with our neutrality until the price confirms breaking the mentioned support or breaching 1.1375 resistance.
The expected trading range for today is between 1.1230 support and 1.1380 resistance.
The expected trend for today: Depends on the above mentioned levels
Wheat price breaks the channel’s support line – Analysis - 29-12-2021
Wheat price faced strong negative pressure yesterday to break the bullish channel’s support line and settles below it, which might push the price to test 773.30 level before attempting to return to rise again.
Therefore, the bearish bias will be suggested for the upcoming sessions, noting that the expected decline is temporary, waiting to resume the main bullish wave that its targets begin at 811.50 and extend to 838.00, noting that breaking 773.30 will press on the price to suffer additional losses and head towards 742.30 areas on the near term basis.
The expected trading range for today is between 770.00 support and 805.00 resistance.
The expected trend for today: Bearish temporarily