ICE raw sugar prices are operating within a bearish channel, enhancing the possibility of breaking 20.08.
Economies.com analysts' latest view today: ICE raw sugar prices further declined yesterday, approaching our expected target of 20.08, operating within a bearish channel, which enhances the possibility of breaking this level, which could point to the next downside target of 19.60. Therefore, we will continue to recommend maintaining a bearish trend in the coming period, supported by the negative pressure formed by the 50-day exponential moving average (EMA50); it is important to note that to maintain the bearish trend, prices must remain below 21.00. Today's expected trading range is between the support level of 19.80 and the resistance level of 20.70. Trend forecast: Bearish.
Waiting for CBOT corn prices to resume the expected bullish trend, with the next target of 463.30.
Economies.com analysts' latest view today: CBOT corn prices surged significantly yesterday, exceeding our expected target of 445.40 and closing above it, opening the way for more anticipated gains in the coming period, with the next target reaching 463.30. The current negative value of the stochastic indicator may lead to some temporary sideways fluctuations, before resuming the expected bullish trend, which will remain valid as long as prices stabilize above 445.40. Today's expected trading range is between the support level of 445.00 and the resistance level of 457.00. Trend forecast: Bullish.
It is expected that Brent crude oil futures prices will have greater upward potential today.
Economies.com analysts' latest view today: Brent crude oil futures prices failed to break below the $72.06 level, failing to provide positive trading at today's opening, and achieving expected gains in the upcoming trading session, with the target being to first visit $73.90. Therefore, we expect to witness more upward movement today, with a breakthrough of the target level extending the bullish trend into the $75.36 region, while a drop below $72.06 would halt the bullish trend and push prices to start declining, with an initial target of $71.15, followed by the $70.00 level. Today's expected trading range is between the support level of $71.70 and the resistance level of $73.70. Trend forecast: Bullish.
It is recommended that WTI crude oil futures maintain a bullish inclination.
Economies.com analysts' latest view today: WTI crude oil futures prices broke above the $68.64 level and closed above it, starting a new upward movement after today's opening, completing signs of a double bottom pattern on the chart, with the target being to achieve expected gains reaching the $70.58 region in the short term. Therefore, it is recommended to maintain a bullish inclination today; it is important to note that breaking below $68.64 would halt the bullish trend and push prices to decline again. Today's expected trading range is between the support level of $67.70 and the resistance level of $70.70. Trend forecast: Bullish.
The 50-day exponential moving average supports prices from below, strengthening the upward expectation for spot silver.
Economies.com analysts' latest view today: The spot silver price closed above $31.63, maintaining a positive expectation for the next phase, depending on the formation of a double bottom pattern appearing on the chart, waiting to visit $32.86 as the next target. The 50-day exponential moving average (EMA50) supports prices from below, strengthening the upward expectation, which will remain valid unless it breaks below the $31.63-$31.45 level and stays below it. Today's expected trading range is between the support level of $31.60 and the resistance level of $32.50. Trend forecast: Bullish.
The spot gold price remaining above $2668.00 is crucial for the continued expectation of an upward trend.
Economies.com analysts' latest view today: The spot gold price successfully achieved our awaited first target of $2700.00, and we expect to break this level, opening the way for new gains that will extend to $2745.00 and then $2790.00, supported by the 50-day exponential moving average (EMA50). Maintaining above $2668.00 is crucial for the continued expectation of an upward trend, as breaking below it would turn the intraday trend downward, starting a decline, with an initial target of $2612.00, followed by the $2600.00 level. Today's expected trading range is between the support level of $2685.00 and the resistance level of $2725.00. Trend forecast: Bullish.
Article reposted from: Jinshi Data.