Platinum keeps the positivity – Analysis – 8-1-2020
Platinum price succeeded to provide clear stability above 955.00 level that forms additional support to confirm the continuation of the previously suggested positivity, while stochastic attempt to crawl towards the overbought areas allows us to expect gathering new positive momentum to ease the mission of resume the bullish attack until reaching 1025.00 and 1060.00 levels.
We should note that attempting to break the current support will postpone the bullish attack temporarily to force the price to force some losses by forming correctional bearish trades to target 930.00 followed by reaching the major support at 905.00.
The expected trading range for today is between 950.00 and 1025.00
The expected trend for today: Bullish
Copper price surrenders to the major indicators’ contradiction – Analysis – 8-1-2020
Copper price did not move until this moment, to settle around 2.7800 level, surrendering to the contradiction between the major indicators, reminding you that the frequent consolidation below 2.8400 barrier will increase the chances of forming negative trades that might push the price to record some losses by moving towards 2.7000 to press on 50% Fibonacci correction level.
The expected trading range for today is between 2.8400 and 2.7000
The expected trend for today: Bearish
Wheat price presses on the support – Analysis - 08-01-2020
Wheat price continues to press on 547.9 level and attempted to break it by today’s opening, to support the expectations of extending the bearish correction in the upcoming period, as we expect visiting 541.8 followed by 535.7 levels as next correctional stations.
Therefore, the bearish trend scenario will remain suggested on the intraday basis unless we witnessed clear breach and holding above 555.4.
The expected trading range for today is between 540.0 support and 555.0 resistance.
The expected trend for today: Bearish
Sugar price faces solid resistance – Analysis - 08-01-2020
Sugar price bounced downwards clearly after the price faced solid resistance at the bullish channel’s resistance that appears on the chart, which hints the price head to achieve more expected decline in the upcoming sessions as a normal trade according the trading rules inside the channels, waiting to target 13.30 level mainly.
Therefore, the bearish bias will be expected for today, noting that breaching 18.83 will stop the negative scenario and pushes the price to resume the main bullish trend again.
The expected trading range for today is between 13.30 support and 13.80 resistance
The expected trend for today: Bearish