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Crude oil price suffers sharp losses – Analysis - 12-09-2019
Crude oil price traded with strong negativity yesterday after the US president Trump hinted studying easing sanctions on Iran, which pushed the price to break 57.33 level and hold below it, to fall under expected negative pressure in the upcoming sessions, targeting testing 54.47 level as a next station.
Therefore, the bearish bias will be suggested in the upcoming sessions, noting that we recommend staying aside now until the price’s next destination settles after the new US decisions, as breaching 57.33 will stop the current negative pressure and lead the price to regain the main bullish track again.
The expected trading range for today is between 54.00 support and 58.00 resistance.
The expected trend for today: Bearish
Silver price within sideways track – Analysis - 12-09-2019
Silver price shows sideways trading and settles at 18.00 barrier, waiting to surpass this level to open the way to rally towards our next negative target at 17.60.
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Gold price retests the previously broken support line that appears on the chart and keeps its stability below it, accompanied by witnessing negative signal through stochastic, waiting to motivate the price to resume the bearish bias in the upcoming sessions, noting that our next target is located at 1480.00, which breaking it represents the key to extend the bearish wave to reach 1450.00.
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The USDCAD pair provided clear positive trades yesterday to test the key resistance 1.3200, noticing that the price rebounds bearishly from there, to keep the bearish trend scenario valid and active until now, supported by stochastic and the EMA50 negativity, waiting to break 1.3160 level to open the way to visit 1.3105 level mainly.
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