Crude oil price hits the positive target – Analysis - 05-07-2022
Crude oil price succeeded to touch our waited target at 109.15 and found solid resistance there, to start today with clear negativity and hint heading to resume the bearish wave, supported by stochastic current negativity, waiting for more decline to visit 104.60 as a main target.
Therefore, the bearish bias will be suggested for today, noting that breaching 109.15 followed by 110.10 levels will stop the expected decline and lead the price to achieve additional gains.
The expected trading range for today is between 105.00 support and 110.50 resistance.
The expected trend for today: Bearish
Silver price attempts to recover - Analysis - 05-07-2022
Silver price shows positive trades by today’s open to test 20.00 barrier, noticing that stochastic shows clear overbought signals, while the EMA50 forms negative pressure against the price.
Therefore, we believe that the chances valid to resume the main bearish trend, which its next target located at 19.00, reminding you that the continuation of the bearish wave requires holding below 20.70 and the most important below 21.10.
The expected trading range for today is between 19.50 support and 20.35 resistance.
The expected trend for today: Bearish
Gold price within tight track – Analysis - 05-07-2022
Gold price didn’t show any strong move since yesterday, to hover around 1810.00 level, thus, no change to the expected bearish trend scenario on the intraday and short term basis, which get continuous support by the EMA50, waiting to achieve our negative targets that start at 1780.25 and extend to 1750.00 after breaking the previous level.
Note that breaching 1818.00 will stop the negative scenario and push the price to visit 1850.00 areas before any new negative target.
The expected trading range for today is between 1780.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD hits the first target – Analysis - 05-07-2022
The USDCAD pair succeeded to touch our first waited target at 1.2840 and finds solid support there, to show some slight bullish bias now, while the EMA50 forms continuous negative pressure against the price, to support the continuation of the negative scenario that its targets extend to 1.2770 after breaking the previous level.
Therefore, we will keep our bearish overview unless the price rallied to breach 1.2930 and hold above it.
The expected trading range for today is between 1.2790 support and 1.2920 resistance.
The expected trend for today: Bearish