Crude oil price is affected by the negative momentum – Analysis - 06-05-2021
Crude oil price bounced downwards clearly after approaching 67.00 barrier, to break 65.60 level and head towards potential test to the most important support line at 64.35, noticing that stochastic got rid of its negative momentum to reach the oversold areas.
Therefore, these factors encourage us to suggest resuming the main bullish trend, organized inside the bullish channel that appears on the chart, noting that our next target reaches 67.95, while breaking 64.35 represents negative factor that will press on the price to suffer more intraday losses before turning back to rise again.
The expected trading range for today is between 64.00 support and 67.00 resistance.
The expected trend for today: Bullish
No news for Silver price - Analysis - 06-05-2021
Silver price did not show any strong moves in the previous sessions, to remain stable below the broken support of the intraday bullish channel, thus, no change to the temporary intraday bearish trend scenario, which target 25.50 level, while its continuation requires holding below 26.65.
The expected trading range for today is between 25.80 support and 26.80 resistance.
The expected trend for today: Bearish temporarily
Gold price breaches the resistance – Analysis - 06-05-2021
Gold price had enough by touching 1770.00 level, to rebound bullishly and breach the intraday bearish channel’s resistance, which stop the temporary negative scenario and lead the price to resume the main bullish trend again, paving the way to head towards 1800.00 followed by 1838.00 levels as next main stations.
The EMA50 supports the expected rise, noting that breaking 1784.00 will put the price under the negative pressure again to head towards testing 1765.00 mainly.
The expected trading range for today is between 1775.00 support and 1810.00 resistance.
The expected trend for today: Bullish
The USDCAD resumes the decline – Analysis - 06-05-2021
The USDCAD pair resumed its negative trading clearly to approach our waited target at 1.2210, reinforcing the chances of continuing the main bearish wave, noting that surpassing the mentioned level will push the price to 1.2100 as a next target.
The EMA50 continues to support the suggested bearish wave, which will remain valid conditioned by the price stability below 1.2365.
The expected trading range for today is between 1.2200 support and 1.2320 resistance.
The expected trend for today: Bearish