Crude oil surged strongly during its latest intraday trading, successfully breaking above the $90.00 resistance level, which had represented a price target in our previous analyses. This rise came supported by positive signals from the relative strength indicators, strengthening the buying momentum surrounding price movements.
The price also continues to benefit from dynamic support as it trades above its EMA50, which reinforces the strength and stability of the main short-term upward trend and supports the chances of further gains in the coming period.
Silver price is stabilizing with a slight decline during its latest intraday trading, as the price attempts to find a higher low that could serve as a base to help it regain positive momentum and resume recovery. This comes despite the continued dominance of the short-term corrective upward trend, with the price moving alongside a supportive trend line for this path.
In the technical background, we notice the beginning of a positive crossover on the relative strength indicators, after reaching sharply oversold levels that appear exaggerated compared to the price movement. This indicates the possibility of forming a positive divergence, which may support chances of an upward rebound in the coming period.
Gold prices are holding a slight decline during its latest intraday trading, amid emerging negative signals from the relative strength indicators, despite the indicator reaching oversold levels. This pressure has led the price to break the support of EMA50, which may expose it to further negative pressure in the coming period.
On the other hand, the price is still moving alongside a minor ascending trend line in the short term, which may provide technical support that could help it to recover and rebound in the upcoming period.
The EURUSD price continued its decline during its latest intraday trading, to break the expected target in our previous analysis at1,570 support, amid the continuation of the dynamic and negative pressure that comes from the trading below EMA50, with the dominance of the main bearish trend on short-term basis, accompanied by the trading alongside minor supportive trend line for this path.
On the other hand, the relative strength indicators began showing positive overlapping signals after reaching sharp oversold levels, to indicate forming a positive divergence that might push the price to rebound higher and recover some of its losses in the upcoming period.