Crude oil price returns to the bullish track – Analysis - 23-07-2021
Crude oil price ended yesterday above 71.05 level after the new bullish rally that it witnessed in the previous sessions, to return to the main bullish track again and stop the bearish correction that dominated the recent trades, on its way to achieve gains that start at 73.30 and extend to 75.00.
Therefore, the bullish trend will be suggested for the upcoing sessions, noting that breaking 71.05 – 70.70 levels will stop the expected rise and put the price under the negative pressure again.
The expected trading range for today is between 70.20 support and 73.30 resistance.
The expected trend for today: Bullish
Silver price within a negative pattern - Analysis - 23-07-2021
Silver price provided additional positive trades yesterday to test the intraday bullish channel’s resistance that appears on the chart, which we believe it forms bearish flag pattern, therefore, the price needs to break 25.05 to get negative motive that assist to push the price to surpass 24.95 barrier and open the way to visit 23.76 as a next main target.
Therefore, the bearish trend scenario will remain valid supported by the EMA50 unless breaching 25.65 and holding above it.
The expected trading range for today is between 24.70 support and 25.65 resistance.
The expected trend for today: Bearish
Gold price gets a negative motive – Analysis - 23-07-2021
Gold price faces difficulty to break 1797.00 level, to show some bearish bias and test the EMA50 that forms good resistance against the price, noticing that stochastic provides negative signals now, which supports the chances of resuming the negative trades to break the mentioned level and open the way to visit 1770.00 as a next target.
Therefore, our bearish overview will remain valid and active unless the price rallied to breach 1825.15 and hold above it.
The expected trading range for today is between 1775.00 support and 1820.00 resistance.
The expected trend for today: Bearish
The USDCAD below the moving average – Analysis - 23-07-2021
The USDCAD pair fluctuates within sideways track since yesterday, settling below the EMA50, to keep the negative pressure valid for the upcoming period, waiting to test 1.2475 as a next main target.
Stochastic loses its positive momentum gradually to support the expectations to decline, which will remain valid unless breaching 1.2650 and holding above it.
The expected trading range for today is between 1.2500 support and 1.2620 resistance.
The expected trend for today: Bearish