Midday update for Crude oil 22-05-2020
Crude oil price broke the main bullish channel’s support line strongly and settled below it, which stops the positive scenario and press on the price to start correctional bearish wave for the rise that it started from 10.05 areas, on its way to visit 28.80 that represents the first correctional level.
Therefore, the bearish bias will be expected for the rest of the day unless the price rallied to breach 33.15 level and hold above it.
The expected trading range for today is between 30.00 support and 33.15 resistance.
The expected trend for today: Bearish for the rest of the day
Midday update for Silver 22-05-2020
Silver price faced additional negative pressure this morning but it returns to fluctuate around 17.11 and attempts to step above it again, which encourages us to keep our bullish overview for the upcoming period, which gets continuous support by the EMA50, while stochastic continues to provide the positive signals.
Our main positive targets begin at 18.45 followed by 18.93, while achieving them requires holding above 17.11.
The expected trading range for today is between 16.90 support and 17.50 resistance.
The expected trend for today: Bullish
Midday update for Gold 22-05-2020
Gold price shows positive trades now to approach testing the key resistance 1743.00, which represents one of the next trend keys besides 1725.90 support, and as we mentioned this morning, the price needs to breach one of these levels to detect its next destination clearly, which keeps our neutrality valid until now.
To review the expected targets after the breach, please check our morning report.
The expected trading range for today is between 1710.00 support and 1750.00 resistance.
The expected trend for today: Depends on the above mentioned levels
Midday update for the GBPUSD 22-05-2020
The GBPUSD pair resumed its negative trades to head towards our main waited target at 1.2093, supported by the negative overlapping signal provided now by stochastic, waiting for more decline in the upcoming sessions, noting that the EMA50 supports the suggested decline, which its continuation conditions holding below 1.2304.
The expected trading range for today is between 1.2100 support and 1.2250 resistance.
The expected trend for today: Bearish