Crude oil price needs the positive momentum – Analysis - 13-05-2021
Crude oil price closed the daily candlestick above 65.60 level, to get positive motive that reinforces the expectations of continuing the main bullish trend, organized inside the bullish channel that appears on the chart, waiting to visit 67.95 level as a next main target.
The EMA50 keeps supporting the suggested bullish wave, noting that failing to consolidate above 65.60 might press on the price to test 64.35 areas initially before any new attempt to rise.
The expected trading range for today is between 64.35 support and 67.00 resistance.
The expected trend for today: Bullish
Silver price faces temporary negative pressure - Analysis - 13-05-2021
Silver price fluctuates negatively to approach testing the intraday bullish channel’s support line, noticing that stochastic reaches the oversold areas, while the EMA50 continues to support the price from below.
Therefore, we believe that the chances valid to resume the main bullish trend, which its next target located at 28.25, while holding above 26.60 is required to continue the expected rise.
The expected trading range for today is between 26.60 support and 27.70 resistance.
The expected trend for today: Bullish
Gold price heads towards the support – Analysis - 13-05-2021
Gold price confirmed breaking 1825.00 level after closing yesterday below it, which pushes the price to achieve more decline and head towards visiting the bullish channel’s support line at 1792.00 before attempting to resume the main bullish trend again.
Breaking 1813.00 will ease the mission of achieving the expected decline, while breaching 1828.00 represents the first positive key to resume the main positive scenario followed by achieving new gains that start at 1860.00 areas.
The expected trading range for today is between 1792.00 support and 1825.00 resistance.
The expected trend for today: Bearish
The USDCAD tests the initial resistance – Analysis - 13-05-2021
The USDCAD pair bounced upwards clearly yesterday to test the bearish channel’s resistance that appears on the chart, and the price needs to consolidate below 1.2130 as a first condition to continue the main bearish trend, which its next target located at 1.2000.
Therefore, the bearish trend will remain suggested for the upcoming period unless breaching 1.2130 followed by 1.2185 levels and holding above them.
The expected trading range for today is between 1.2050 support and 1.2185 resistance.
The expected trend for today: Bearish