Midday update for Crude oil 24-05-2023
Crude oil price rallies upwards to breach 73.80 and attempts to hold above it, reinforcing the expectations of continuing the bullish trend efficiently for the rest of the day, and the way is open to visit 76.10 that represents our next main target.
The EMA50 continues to support the suggested bullish wave, noting that breaking 73.80 will stop the positive scenario and put the price under negative pressure on the intraday basis, its targets begin by testing 72.60 areas.
The expected trading range for today is between 72.20 support and 75.50 resistance.
The expected trend for today: Bullish
Midday update for Silver 24-05-2023
Silver price shows sideways trades since morning, settling around 23.50, thus, no change to the expected bearish trend scenario for today, which depends on the price stability below 23.70 and 23.85 levels, reminding you that our targets begin at 23.00 and extend to 22.25 after breaking the previous level.
The expected trading range for today is between 22.85 support and 22.85 resistance.
The expected trend for today: Bearish
Midday update for Gold 24-05-2023
Gold prices continues to fluctuate around 1977.25 level, noticing that stochastic continues to provide the negative signals, to support the continuation of the expected bearish trend for today, which targets 1945.20 level as a next station.
The EMA50 keeps supporting the suggested bearish wave, which will remain valid unless breaching 1977.25 and holding with a daily close above it.
The expected trading range for today is between 1950.00 support and 1985.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 24-05-2023
The GBPUSD pair rose quickly to test 1.2470 level, noticing that the price bounced bearishly to settle below the neckline of the head and shoulders’ pattern again, to keep the bearish trend scenario and active for today, motivated by the negative overlapping signal provided by stochastic now, waiting to test 1.2345 initially.
Holding below 1.2470 is important to continue the correctional bearish trend, as breaching it will lead the price to attempt to recover and regain the main bullish trend again.
The expected trading range for today is between 1.2320 support and 1.2490 resistance.
The expected trend for today: Bearish