Crude oil price attempts to recover – Analysis - 09-08-2022
Crude oil price bounced upwards strongly after touching 86.60 level yesterday, to test the main bearish channel’s resistance that appears on the chart, accompanied by stochastic loss to the positive momentum clearly, while the EMA50 continues to press negatively on the price.
Therefore, we believe that the chances valid to resume the main bearish trend, which its next target located at 85.90, noting that the continuation of the bearish wave requires holding below 90.65.
The expected trading range for today is between 87.00 support and 91.50 resistance.
The expected trend for today: Bearish
Silver price surpasses the first target - Analysis - 09-08-2022
Silver price rallied upwards strongly to succeed breaching 20.50 level and hold above it, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, and the way is open to head towards our next target at 21.00.
The EMA50 continues to support the price from below, to support the chances of achieving more gains on the intraday and short term basis, noting that holding above 20.50 represents initial condition to continue the bullish wave.
The expected trading range for today is between 20.40 support and 21.20 resistance.
The expected trend for today: Bullish
Gold price resumes the rise – Analysis - 09-08-2022
Gold price managed to breach 1779.25 level and hold above it, which supports the continuation of the expected bullish trend for the upcoming period, paving the way to head towards 1802.80 that represents our next target, noting that breaching this level will extend the bullish wave to reach 1831.95 as a next main station.
Therefore, the bullish trend scenario will remain valid and active, supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1779.25 and the most important above 1755.70.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bullish
The USDCAD under the negative pressure – Analysis - 09-08-2022
The USDCAD pair traded with strong negativity yesterday to break 1.2870 and settles below it, to hint the return to the correctional bearish track, but we notice that the price stops at key intraday support, accompanied by witnessing clear positive signals through stochastic.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 1.2840 will put the price under additional negative pressure that targets visiting 1.2790 as a next negative station, while breaching 1.2870 represents the key to resume the bullish wave that its next target located at 1.2950.
The expected trading range for today is between 1.2870 support and 1.2930 resistance.
The expected trend for today: Neutral