Intraday Trading:

Oil is advancing in intraday trading, boosted by trading above its 50-day simple moving average.

The RSI is showing positive signals despite reaching overbought levels that could limit further gains.

Technical Outlook:

The recent surge confirmed oil’s breakout above the ceiling of a descending price channel that had previously capped its short-term movement.

This move positions oil to attack the neckline of a bullish pattern in formation – the double bottom.

Bullish Scenario:

We expect further upward movement, targeting the key resistance level at $70.40.

This bullish scenario remains intact as long as the support at $66.40 holds; a break below this level could halt the upward corrective wave.

Intraday Trading:

Gold is currently trading within a narrow range of sideways movements at intraday levels.

It is aiming to build positive momentum that could help it surpass the psychological barrier at $3,000, a level it touched during last Friday’s session.

The price also managed to shake off the bullish exhaustion, as indicated by the RSI signals.

Next Price Target:

The next target is set at $3,055, according to the short-term symmetrical triangle pattern.

This target comes amid strong control by the primary uptrend and price trading in line with the trendline.

Positive Scenario:

The bullish scenario hinges on the price remaining above the support level at $2,950.

A break below this level could trigger downward pressure and potentially initiate a corrective wave that may take some time to unfold.

Ethereum price (ETHUSD) shows bullish bias to approach the key resistance 1915.00$, which represents one of the next trend keys besides 1825.00$ support, as the price needs to surpass one of these levels to detect its next targets clearly.

Bitcoin price (BTCUSD) shows clear positive trades to test 83000.00$ barrier, reinforcing the expectations of continuing the bullish trend, reminding you that our waited targets are located at 84290.00$ and extend to 87055.00$ after surpassing the previous level.