The next downside target for spot gold is $2718.80.
Economies.com analysts' latest view today: Spot gold prices are hovering around the key resistance of $2746.00 and maintaining stability below it, while witnessing negative signals through stochastic indicators, waiting for incentives for the price to restore the expected corrective bearish trend, targeting $2718.80, followed by $2696.85 as the next downside point. The 50-day Exponential Moving Average (EMA50) is forming negative pressure, supporting the suggested bearish volatility unless breaking above $2746.00 and maintaining above it, as this breakout would lead the price back to the primary bullish track and realize gains starting from the historical high of $2789.90. The expected trading range today is between $2710.00 support and $2765.00 resistance. Trend forecast: Bearish.
The double top pattern remains valid, and spot silver prices maintain a bearish trend.
Economies.com analysts' latest view today: Spot silver prices are under pressure to return to the $32.50 level, awaiting confirmation of a breakout to open the path to the next downside target of $31.95, as we continue to suggest a bearish trend based on the previously formed double top pattern, with targets extending to $31.25. Technical indicators provide negative signals, supporting the continuation of bearish volatility unless the price rebounds and breaks above $33.04 and maintains above it. The expected trading range today is between $31.70 support and $32.80 resistance. Trend forecast: Bearish.
EMA50 continues to provide support for the price, and WTI crude oil futures maintain a bullish trend.
Economies.com analysts' latest view today: WTI crude oil futures continue to fluctuate around the level of $72.15, as it finds solid resistance there, waiting for positive momentum to push prices above this level and open the path to the next major target of $73.70. The 50-day Exponential Moving Average (EMA50) continues to provide positive support for the price, implying a bullish trend in the upcoming period unless it breaks below $70.58 and maintains below it. The expected trading range today is between $70.50 support and $73.50 resistance. Trend forecast: Bullish.
Brent crude oil futures face negative pressure and may test the key support of $75.36.
Economies.com analysts' latest view today: Brent crude oil futures provided additional positive trading yesterday, approaching the second target of $76.84, but are now facing negative pressure, testing the key support of $75.36. The price needs to consolidate above this level to keep the bullish trend active in the coming period, as breaking below this level will push the price down and establish the first target for bearish volatility to reach $73.90. The stochastic indicator is attempting to gather positive momentum to support the possibility of restoring the expected bullish trend, noting that the target starts from $76.84 and extends to $78.00 after breaking the previous level. The expected trading range today is between $74.20 support and $77.20 resistance. Trend forecast: Bullish.
CBOT corn prices need to stabilize above $425.30 to maintain a bullish trend.
Economies.com analysts' latest view today: CBOT corn prices are currently testing the key support level of $425.30. The price needs to stay above this level to keep the bullish trend active in the coming period, with the next target at $434.30. Therefore, we will continue to suggest a bullish trend on an intraday basis, noting that breaking below $425.30 will push prices down and achieve the negative target starting from $416.30. The expected trading range today is between $420.00 support and $434.00 resistance. Trend forecast: Bullish.
CBOT soybean prices are expected to show a bearish tendency today.
Economies.com analysts' latest view today: CBOT soybean prices have started to decline significantly today, and a decline is expected in the upcoming trades, targeting the recent recorded low of $960.30 as the next major point. Therefore, a bearish tendency is anticipated today, noting that breaking above $1004.00 will stop the current negative pressure and lead to a price rebound. The expected trading range today is between $975.00 support and $1000.00 resistance. Trend forecast: Bearish.
ICE raw sugar prices have fallen below the key support level, with the downside target at the $21.00 mark.
Economies.com analysts' latest view today: ICE raw sugar prices confirmed a breakout below the support level after closing below $21.55 on the last daily candlestick, and a decline is expected in the upcoming trades. This decline is organized within the bearish channel appearing on the chart, noting that the expected targets start from $21.00 and extend to $20.65. Staying below $21.55 is crucial for the continuation of the expected decline, as breaking above this price will lead to a price rebound and achieve gains, reaching $22.73. The expected trading range today is between $20.90 support and $21.70 resistance. Trend forecast: Bearish.
Article forwarded from: Jinshi Data.