Crude Oil Price Analysis

Crude oil price has experienced a clear bounce downwards after testing the $83.60 level in the previous sessions, supporting the continuation of expectations for a decline on the intraday basis. The path is now open to achieve our awaited target at $81.50, with the possibility of extending the correctional bearish wave to reach the $79.60 areas upon breaking this level.

Therefore, the bearish trend scenario will remain valid and active unless the price rallies to breach the $83.90 level and holds above it.

Expected Trading Range

• Support: $81.00
• Resistance: $83.00

Trend Forecast

Bearish

Silver Price Analysis

Silver price is currently experiencing negative trades, putting pressure on the $26.90 level and signaling a potential move towards further bearish correction in the upcoming sessions. Confirmation of breaking this level is needed to pave the way for a rally towards $26.00 as the next correctional target.

Therefore, we maintain a bearish bias for today, supported by the negative pressure from the EMA50. However, it's important to note that failure to break the mentioned support may lead to recovery attempts, with the price testing the $28.00 areas before determining its next destination clearly.

Expected Trading Range

• Support: $26.45
• Resistance: $27.20

Trend Forecast

Bearish

Gold Price Analysis

Gold price is hovering around the $2325.90 level and has initiated new attempts to breach this level at today’s open. Stochastic indicators are showing negative signals, which we anticipate will help push the price to break this level and head towards the next correctional level at $2260.60.

Therefore, we maintain our bearish trend forecast for the upcoming period. However, it's worth noting that breaching $2368.50 will halt the expected decline and resume the main bullish trend.

Expected Trading Range

• Support: $2305.00
• Resistance: $2345.00

Trend Forecast

Bearish

Read more: Will Gold price reach 3000$ areas?

USDCAD Price Analysis

The USDCAD price finds solid support at the 1.3660$ level, showing some slight bullish bias. However, stochastic loses its positive momentum clearly, while the EMA50 forms continuous negative pressure against the price.

Therefore, we expect the resumption of the bearish wave targeting 1.3620$ followed by 1.3565$ levels as the next stations. It's worth reminding that breaching 1.3760$ will stop the bearish wave and lead the price to return to the main bullish trend again.

Expected Trading Range

• Support: 1.3600$
• Resistance: 1.3720$

Trend Forecast

Bearish