Crude oil price attempts to recover – Analysis - 03-08-2022
Crude oil price traded with clear positivity yesterday to breach the bearish channel’s resistance and reach the EMA50, which forms solid resistance that forced the price to decline again, which makes us suggest resuming the negative trades and attempts to return to the main bearish channel again, to head towards achieving negative targets that reach 89.60.
Therefore, the bearish bias will be suggested for today, noting that breaching 94.50 followed by 95.50 levels will stop the negative scenario and lead the price to achieve additional gains that reach 98.25.
The expected trading range for today is between 89.60 support and 95.00 resistance.
The expected trend for today: Bearish
Silver price gathers the positive momentum - Analysis - 03-08-2022
Silver price faced solid resistance at 20.50, to reound bearishly and approach the EMA50 that continues to support the price from below, noticing that stochastic gained clear positive momentum now, waiting to motivate the price to resume the bullish wave that its next target reaches 21.00.
In general, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 19.60.
The expected trading range for today is between 19.60 support and 20.50 resistance.
The expected trend for today: Bullish
Gold price tests the support base – Analysis - 03-08-2022
Gold price traded negatively on yesterday’s evening to test the key support 1755.70, and begins today with bullish bias to move away from the mentioned level, to keep the bullish trend scenario valid and active for the upcoming period, which its targets begin by breaching 1779.25 to open the way to head towards 1802.80.
The EMA50 and stochastic provide positive signals that support the suggested rise, which will remain valid conditioned by the price stability above 1755.70.
The expected trading range for today is between 1755.00 support and 1790.00 resistance.
The expected trend for today: Bullish
The USDCAD tests the key resistance – Analysis - 03-08-2022
The USDCAD pair traded positively yesterday to test 1.2870 again, and begins today negatively to settle below this level, to keep the chances valid to continue the correctional bearish trend, which targets testing 1.2790 initially.
Breaking 1.2850 will ease the mission of achieving the expected decline, reminding you that it is important to hold below 1.2870 to continue the negative scenario.
The expected trading range for today is between 1.2780 support and 1.2910 resistance.
The expected trend for today: Bearish