Update: Gold price surpasses the new target
Gold price opens today’s trading with strong bullish rally to surpass our waited target at 2250.00$ and settles above it, reinforcing the chances of continuing the bullish trend on the intraday and short-term basis, opening the way to achieve additional gains that reach 2300.00$ barrier as a next main station, taking into consideration that breaking 2257.00$ will put the price under negative pressure to head towards testing the support base formed above 2222.86$ before any new attempt to rise.
Calm trades affected by the markets’ holidays
The tight range dominates the currencies’ pairs and commodities trades, affected by the financial markets’ holidays, to keep the scenarios suggested on last Friday valid without any change, and we recommend reviewing them to check the expected trends and targets for the upcoming period.
The NZDCAD moves to the bearish track – Forecast today – 29-3-2024
NZDCAD Pair Forecast for Today - 29-3-2024
The NZDCAD pair surrendered to the negative pressures represented by 0.8252 level forming solid barrier and the stability of the MA55 near it, to notice forming strong negative waves to form the double top pattern by declining below the neckline at 0.8145 and target some negative stations by reaching 0.8074.
In addition, we notice stochastic consolidation within the oversold areas, to increase the negative pressures on the current trades and allow us to suggest more negative attempts, to target 0.8030 followed by reaching the next negative target at 0.7940.
Expected Trading Range for Today:
- Between 0.8110 and 0.8030
Trend Forecast:
Bearish
Natural gas price still confined – Forecast today – 29-3-2024
Natural Gas Price Forecast for Today - 29-3-2024
No news for natural gas price until this moment, to continue fluctuating between the sideways track’s lines represented by 2.000$ resistance and 1.540$ support that hinders the attempts to resume the negative attempts.
Therefore, we will remain neutral to continue monitoring the price behavior until surpassing one of the major levels, as breaching 2.000$ will allow the price to cover the losses and form strong bullish waves to target 2.180$ followed by reaching the main target at 2.500$, while crawling below the mentioned support will force it to suffer big losses that might extend towards 1.220$ and 1.000$ initially.
Expected Trading Range for Today:
- Between 1.850$ and 1.620$
Trend Forecast:
Sideways