Crude oil price bounced upwards to breach 78.25$ and cancel the negative formation mention today, to head towards building new bullish wave that its targets begin by breaching 78.80$ to open the way to head towards 80.00$ as a next station, noting that the continuation of the bullish trend requires holding above 77.45$.

Gold price rallied upwards strongly to reach the thresholds of the waited target at 2700.00$, and the way seems open to surpass this level and open the way to achieve additional gains that reach 2725.00$, reminding you that the continuation of the bullish trend depends on the price stability above 2673.70$.

Brent oil price attempted to rise but it declines again to keep the correctional bearish scenario active for today, waiting to visit 79.404 as a first station, which breaking it represents the key to extend the bearish wave towards 77.83$ areas.

Therefore, our bearish overview will remain valid and active unless breaching 81.00$ and holding above it.

The expected trading range for today is between 78.40$ support and 81.40$ resistance.

Trend forecast: Bearish

Crude oil price provided positive trades to test the first key resistance 78.25$, and starts to rebound bearishly to head towards attacking the neckline of the head and shoulders’ pattern at 77.45$, waiting to confirm the break to open the way to rally towards our main expected target at 75.60$.

Therefore, we will continue to suggest the bearish trend for today unless breaching 78.25$ followed by 78.80$ levels and holding above them.

The expected trading range for today is between 76.00$ support and 79.00$ resistance

Trend forecast: Bearish