Crude oil price forecast update 03-04-2024
Crude Oil Price Analysis
Crude oil price shows sideways trades since morning, and begins the attempt to rise now to hint heading to resume the main bullish trend, keeping the positive scenario active for today, supported by the EMA50. It's important to note that our next target is located at 86.75$.
- Holding above 85.05$ represents the first condition for the continuation of the expected rise. Breaking it might force the price to test the bullish channel’s support line around 83.56$ before any new positive attempt.
The expected trading range for today is between 84.30$ support and 87.20$ resistance.
Trend forecast: Bullish
Silver price forecast update 03-04-2024
Silver Price Analysis
Silver price provided additional positive trades this morning, approaching our new awaited target at 26.60$. However, the price is now declining after losing the positive momentum, experiencing some temporary bearish correction.
- Until now, the main bullish trend scenario remains valid unless breaking 25.50$ and holding below it, noting that the next extended target reaches 26.95$.
The expected trading range for today is between 25.90$ support and 26.70$ resistance.
Trend forecast: Bullish
Gold price forecast update 03-04-2024
Gold Price Analysis
Gold price faces negative pressure now, approaching testing the key support base of 2260.00$. As we mentioned this morning, the price needs to hold above this level to keep the bullish trend valid for today, as breaking it will put the price under additional negative pressure to suffer intraday losses that reach 2205.70$.
- Stochastic negativity interprets the reasons for the current negative pressure, waiting to gather positive momentum that assists in pushing the price to resume the bullish wave, with its next targets located at 2300.00$ followed by 2320.00$.
The expected trading range for today is between 2270.00$ support and 2305.00$ resistance.
Trend forecast: Bullish
The GBPUSD forecast update 03-04-2024
GBPUSD Price Analysis
The GBPUSD price hovers around the 1.2580$ level and attempts to consolidate below it, to keep our bearish overview for today, supported by the negative pressure formed by the EMA50, waiting to visit 1.2480$ as the next main target.
- On the other hand, we should note that breaching 1.2580$ and holding above it will stop the expected decline and push the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 1.2480$ support and 1.2640$ resistance.
Trend forecast: Bearish