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Platinum price approaches the resistance – Analysis – 2-8-2022
Platinum price ended yesterday by recording 915.00 level, to approach the major resistance at 925.00, noting that the continuous contradiction between the major indicators might assist to end the positive rally after testing the mentioned resistance, which increases the chances of renewing the negative attempts and reach 880.00 initially, followed by moving towards 855.00.
On the other hand, gathering the additional positive momentum and surpassing the major resistance will assist to activate the bullish track again, to open the way to achieve new gains that might start at 950.00.
The expected trading range for today is between 925.00 and 880.00
The expected trend for today: Bullish
Copper price still positive – Analysis – 2-8-2022
Despite copper price intraday decline below 3.5000 level, that won’t affect the correctional bullish track that depends on the major support at 3.1300, also, stochastic rally above 50 level allows us to wait to gather the positive momentum to manage to achieve the correctional targets at 3.6300 followed by 3.8500 levels.
MoreWheat price breaks the support – Analysis - 02-08-2022
Wheat price provided clear negative trades yesterday to manage to break 804.00 level and hold below it, which supports the continuation of the expected bearish trend scenario for the upcoming period, which its next main target located at 744.40.
MoreSugar price attempts to recover – Analysis - 02-08-2022
Sugar price ended yesterday with clear positivity after the attempt to return to the bearish channel that appears on the chart, affected by stochastic positivity, while the EMA50 keeps pressing negatively on the price, waiting to resume the bearish wave that its next target located at 17.00.
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