Midday update for Crude oil 01-03-2024
Crude oil price leaned on 78.25 level and bounced upwards strongly to breach 78.75 and confirm opening the way to continue the rise today, and the way is open to achieve our next target at 80.00, noting that surpassing this level will push the price towards 81.55 as a next positive station.
Therefore, the bullish trend scenario will remain valid unless breaking 78.25 and holding below it, as confirming the break will push the price to decline towards 77.00 mainly.
The expected trading range for today is between 77.40 support and 80.40 resistance
The expected trend for today: Bullish
Midday update for Silver 01-03-2024
Silver price faced strong negative pressure to attempt to return to the bearish channel but it returns to trade above it, and the price needs to hold above this level to keep the positive scenario active for today and guarantee heading towards 23.00 as a main positive target.
On the other hand, we should note that the continuation of the decline and breaking 22.25 will stop the expected rise and push the price to resume the bearish wave within the bearish channel that appears on the chart.
The expected trading range for today is between 22.30 support and 23.00 resistance.
The expected trend for today: Bullish
Midday update for Gold 01-03-2024
Gold price retested the breached neckline of the inverted head and shoulders’ pattern and bounced upwards from there, and the price needs to consolidate above 2040.00 as a first condition to the continuation of the expected bullish trend for today and continue the positive effect of the mentioned pattern, noting that our waited target is located at 2065.70.
The EMA50 continues to support the expected rise, noting that breaking 2016.90 will stop the positive scenario and push the price to achieve new bearish correction in the upcoming period.
The expected trading range for today is between 2030.00 support and 2065.00 resistance.
The expected trend for today: Bullish
Midday update for the GBPUSD 01-03-2024
The GBPUSD pair keeps its stability below 1.2650, to keep the correctional bearish trend valid for today, waiting to visit 1.2540 as a next main target.
The EMA50 meets the key resistance 1.2650 to add more strength to it and protect the suggested negative scenario, which will remain valid conditioned by the price stability below this level.
The expected trading range for today is between 1.2540 support and 1.2700 resistance.
The expected trend for today: Bearish