Midday update for Crude oil 23-05-2023
Crude oil price still confined inside the symmetrical triangle, and the contradiction still valid between the technical indicators, to continue with our neutrality until the price confirms breaking 70.90 support or breaching 72.70 to detect the next targets and destination clearly.
To review the details of the expected targets after the breach, please check our morning issued report.
The expected trading range for today is between 70.50 support and 74.10 resistance.
The expected trend for today: Neutral
Midday update for Silver 23-05-2023
Silver price provides clear negative trades to reach the thresholds of the first waited target at 23.00, and we expect the continuation of the negative pressure to break this level and achieve more bearish correction that its next target reaches 22.25.
The EMA50 continues to support the expected bearish wave, which will remain valid and active unless the price rallied to breach 23.70 followed by 23.90 levels and hold above them.
The expected trading range for today is between 23.00 support and 23.80 resistance.
The expected trend for today: Bearish
Midday update for Gold 23-05-2023
Gold prices shows more bearish bias to gradually approach our waited target at 1945.20, and we expect the continuation of the decline to surpass this level and target the next correctional level at 1913.15 on the near term basis.
Therefore, the bearish trend will remain suggested for today, it might be preceded by some temporary sideways fluctuation affected by stochastic positivity, reminding you that it is important to hold below 1977.25 to achieve the expected targets.
The expected trading range for today is between 1945.00 support and 1977.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 23-05-2023
The GBPUSD pair trades with clear negativity to reactivate the negative effect of the head and shoulders’ pattern that appears on the chart, which supports the continuation of the bearish trend scenario efficiently for the upcoming sessions, and the way is open to achieve our first target at 1.2345, reminding you that breaking it will push the price to 1.2240 as a next main station.
Therefore, we are waiting for more decline on the intraday and short term basis conditioned by the price stability below 1.2470 and 1.2525 levels.
The expected trading range for today is between 1.2350 support and 1.2500 resistance.
The expected trend for today: Bearish