Crude Oil advanced during its intraday trading, successfully stabilizing above the stubborn and key resistance level of $68.00 amid the morning attempts by the price to break through it. The recent upward move came after it managed to offload some of its bullish exhaustion, which was evident in the Relative Strength Index, amid the dominance of the ascending corrective trend and trading along a trendline.
Our expectations indicate that Crude Oil's price will rise in its upcoming sessions, especially as it remains stable above the $68.00 level, targeting the resistance at $70.00.
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Gold prices (GOLD) are stabilizing lower during recent intraday trading, after breaking an ascending short-term trendline, which prompted them to test the key psychological and primary support level at $3,000. This led to an increase in positive momentum, and we see the price retracing some of its early losses, especially as it approaches the support provided by its 50-day simple moving average, with a positive crossover in the Relative Strength Index emerging after reaching oversold levels.
Based on the above, we expect gold’s price to resume its upward movement in upcoming intraday sessions, provided that the support at $3,000 holds, so that it can once again target its most recent resistance at $3,057.
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The GBPUSD pair fell in intraday trading and breached the support of a negative technical pattern that's forming in the short term, the Rising Wedge pattern, while also trespassing the support of the 50-candle SMA, thus heaping more pressure on the price, amid negative signals streaming out of the Stochastic.
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Silver price skidded in intraday trading and exited an ascending price channel in the short term, while trespassing the support of the 50-candle SMA, thus heaping more pressure on the price, with negative signals streaming out of the Stochastic.
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