Midday update for Crude oil 12-03-2020

Silver price shows sideways and tight trades since morning, and as long as the price is below 16.96, our bearish overview will remain valid for today, supported by the negative pressure formed by the EMA50, reminding you that we are waiting to test 16.33 level mainly.

Gold price keeps its stability above 1633.60 level, to keep the bullish trend scenario active for today, supported by stochastic positivity, waiting to resume the bullish bias that targets 1689.33 level initially, noting that breaking 1633.60 and holding below it will force the price to achieve more decline and head towards 1599.10 initially.

The GBPUSD pair traded with strong negativity to reach our waited target at 1.2736, and the way seems open to break the mentioned level and extend the correctional bearish wave, noting that confirming the break will push the price to 1.2553 that represents 61.8% Fibonacci correction level.