Crude oil price reaches the positive target – Analysis - 12-08-2022
Crude oil price rallied upwards strongly yesterday to approach the first correctional level at 94.50, noticing that the price completed forming double bottom pattern that might lead the price to breach the mentioned level and achieve more bullish correction, but it faces negative signals through stochastic, which might force the price to decline again.
Therefore, we will stay aside until the price confirms surpassing one of the next trend keys represented by 91.45 support and 94.50 resistance, noting that breaching the mentioned resistance will push the price to visit 96.50 followed by 97.60 levels as next positive targets, while breaking the support represents the key to resume the main bearish trend and head towards 89.60 initially.
The expected trading range for today is between 91.50 support and 95.00 resistance.
The expected trend for today: Depends on the above mentioned levels
Silver price gathers the positive momentum - Analysis - 12-08-2022
Silver price achieved temporary decline to lean on the correctional bullish channel’s support line that appears on the chart, and the EMA50 meets this support to add more strength to it, while stochastic shows oversold signals.
Therefore, these factors encourage us to continue suggesting the bullish trend for the upcoming period, as a bullish correction for the decline measured from 26.21 to 18.13, noting that our next target is located at 21.30, while achieving it requires holding above 20.00.
The expected trading range for today is between 20.10 support and 20.90 resistance.
The expected trend for today: Bullish
Gold price needs strong positive momentum – Analysis - 12-08-2022
Gold price fluctuates within sideways track between 1779.25 support and 1802.80 resistance, while the EMA50 continues to provide the positive support to the price, to keep the chances to continue the bullish trend, which its targets begin by breaching the mentioned resistance to head towards 1831.95.
On the other hand, we should note that breaking 1779.25 will stop the expected decline and press on the price to turn to decline, to head towards testing 1755.70 areas before determining the next destination clearly.
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 - 12-08-2022
The USDCAD pair shows additional negative trades to move away from 1.2780, reinforcing the expectations of continuing the bearish trend, which targets 1.2685 as a next main station.
Stochastic loses the positive momentum clearly to support the expectations to decline, which will remain valid conditioned by the price stability below 1.2780.
The expected trading range for today is between 1.2680 support and 1.2820 resistance.
The expected trend for today: Bearish