Crude oil price achieves strong gains – Analysis - 08-07-2022
Crude oil price settles around 100.00 barrier after the bullish rally that it witnessed yesterday, facing contradiction between the technical factors, which makes us prefer to stay aside until we get clearer signal for the next trend, which we will get through breaching 102.00 resistance or breaking 98.95 support.
Note that breaching the mentioned resistance will push the price to achieve new rises that start by testing 104.60 and extend to 107.45 after breaching the previous level, while breaking the support represents the key to return to the bearish track and achieve negative targets that reach 92.85 on the near term basis.
The expected trading range for today is between 96.50 support and 104.60 resistance.
The expected trend for today: Neutral
Silver price awaits more decline - Analysis - 08-07-2022
Silver price shows sideways trades since yesterday, noticing that stochastic overlaps negatively now, waiting to motivate the price to resume the decline to break 19.15 that will ease the mission of rallying towards our next main target at 18.60.
Therefore, our bearish overview will remain valid and active for the upcoming period conditioned by the price stability below 19.60.
The expected trading range for today is between 18.80 support and 19.55 resistance.
The expected trend for today: Bearish
Gold price within negative pattern – Analysis - 08-07-2022
Gold price’s recent trades are confined within bearish flag pattern that appears on the chart, thus, the price needs to break 1738.00 level to get neative motive that assist to rally towards our main waited target at 1700.00.
Therefore, the bearish trend scenario will remain valid and active for the upcoming period, supported by the negative signal provided by stochastic now, reminding you that holding below 1765.00 and 1780.25 levels is important to continue the expected decline.
The expected trading range for today is between 1720.00 support and 1760.00 resistance.
The expected trend for today: Bearish
The USDCAD under the negative pressure – Analysis - 08-07-2022
The USDCAD pair broke 1.3015 level strongly and declined to head towards testing 1.2930 as a first negative station, and we expect the continuation of the negative pressure to break this level and extend the bearish wave towards 1.2840 areas.
Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallied to breach 1.3010 and hold above it.
The expected trading range for today is between 1.2880 support and 1.3010 resistance.
The expected trend for today: Bearish