Crude oil price traded with strong negativity and attacked 36.10 level to record 34.90 yesterday, and it bounced bullishly to fluctuate around the first level, noticing that stochastic loses its positive momentum gradually, while the EMA50 forms continuous negative pressure against the price.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its next main target located at 34.30, noting that breaching 37.55 will stop the current negative pressure and leads the price to achieve intraday bullish correction before turning back to decline again.
The expected trading range for today is between 35.00 support and 37.55 resistance.
The expected trend for today: Bearish
Silver price bounced bullishly to retest 23.60 that was broken previously, accompanied by stochastic loss to the positive momentum and reaching the overbought areas, waiting to motivate the price to resume the bearish trend, which targets 22.13 level mainly.
Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the EMA50, noting that breaching 23.60 will stop the expected decline and leads the price to achieve additional gains that reach 25.06.
The expected trading range for today is between 22.60 support and 24.00 resistance.
The expected trend for today: Bearish
Gold price shows some bullish bias after touching the main waited target at 1860.90, which shows the strength and importance of this level, heading to retest the previously broken horizontal support line that turns into resistance now at 1882.40, being aware that we need to monitor the price at this level, as it needs to consolidate below it to keep the negative scenario valid for the upcoming period.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, which its targets begin by breaking 1860.90 to open the way to head towards 1794.85 as a next main target, noting that breaching 1882.40 will stop the expected decline and push the price to test 1901.80 level initially before any new attempt to decline.
The expected trading range for today is between 1850.00 support and 1890.00 resistance.
The expected trend for today: Bearish
The USDCAD pair managed to touch our waited target at 1.3362, facing solid resistance there to rebound bearishly and heads towards potential test to the support base formed at 1.3240 after breaching it previously, noticing that stochastic got rid of its negativity to approach the oversold areas, which supports the chances of bouncing bullishly to resume the expected bullish trend for the upcoming period.
Therefore, we will continue to suggest the bullish trend on the intraday basis, noting that breaching 1.3362 is required to confirm extending the bullish wave towards 1.3500 followed by 1.3612, while breaking 1.3240 represents negative factor that will press on the price to return to the main bearish track again.
The expected trading range for today is between 1.3240 support and 1.3390 resistance.
The expected trend for today: Bullish