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Crude oil suffers sharp losses – Analysis - 08-03-2018
Crude oil price’s decline stopped at the bullish channel’s support line that appears on the above chart, showing recovery attempts now after leaning on the mentioned support, which is located now at 60.70, but it faces solid resistance at 61.40, noticing that stochastic positivity contradicts the EMA50 negativity, thus, we prefer staying aside until the price confirms breaching one of the mentioned levels to detect its next destination clearly.
Note that breaching the mentioned resistance will push the price to regain its main bullish track that its next main target located at 64.20, while breaking 60.70 support will push the price to confirm the turn to decline and target areas that start at 60.14 and extend to 58.60.
Expected trading range for today is between 60.00 support and 63.00 resistance.
Expected trend for today: Depends on the above mentioned levels
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Silver tests the support again – Analysis - 08-03-2018
Silver price made new test to the bullish trend line at 16.35 and keeps its stability above it, which keeps our bullish overview valid until now, as we are waiting to rally towards our next target at 17.43, reminding you that holding above 16.35 represents key condition to continue the suggested bullish wave.
MoreGold begins positively – Analysis - 08-03-2018
Gold price begins today’s trading with slight bullish bias after the decline that it witnessed yesterday, motivated by the positive signal provided now by stochastic, waiting to rally to breach 1335.40 followed by 1342.00 levels to confirm the continuation of the bullish trend on the intraday and short term basis, as our next main target is located at 1365.97.
MoreUSDCAD fails to confirm the positive stability – Analysis - 08-03-2018
The USDCAD pair provided new positive trades yesterday and rallied to test the psychological barrier 1.3000 again, but it bounced downwards strongly to settle below 1.2923 level, which hints that the price finds difficulty to hold above the mentioned level, to draw double top pattern that we believe it will push the price to turn to decline.
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