Spot gold price set for bearish correction
Economies.com's analysts' latest view today: Spot gold prices continued to fall, breaking below $2450.00 and closing below it, starting a bearish correction of the recent bullish wave, awaiting a test of $2410.90 as the next negative target. Note that a break below this level will lead to a further decline in prices to $2390.00 and possibly to $2366.10. Therefore, a bearish bias is recommended today, noting that a break above $2438.60 will stop the expected decline and lead the price to resume the main bullish trend. The expected trading range today is $2405.00 support to $2445.00 resistance. Trend forecast: bearish.
There is a contradiction between technical factors, spot silver remains on the sidelines
Economies.com's analysts' latest view today: Spot silver prices fell strongly below $30.06 and reached the $29.30 direct level, suggesting that a new bearish correction is about to be realized in the next trading session. But we noticed that the stochastic indicator showed a positive signal, pushing the price to start trying to build a bullish wave. Faced with the contradiction between technical factors, we tend to remain on the sidelines until we get a clearer signal of the next trend. Note that a sustained rise in prices and a breakout of $30.06 will lead to the resumption of the main bullish trend and realize the gains from the test of $31.00, while a break below $29.30 represents a negative factor and will force the price to realize an additional decline with a target of $28.55 as the next negative site. Today's expected trading range is $29.10 support to $30.10 resistance. Trend forecast: wait and see.
WTI crude oil futures prices remain on the sidelines
Economies.com's analysts' latest view today: WTI crude oil futures price closed yesterday at $81.84 with a clear bearish tone. Note that the price opened further lower today, testing this level and suggesting a possible return to a corrective bearish trend. But we tend to remain neutral until the price confirms its status according to the mentioned levels and clearly probes its next target. Note that staying below the mentioned level will push the price to achieve a new decline with a target of $80.08 as the next correction site, while staying above it will lead to the price to construct a bullish wave with a target starting from $83.05 and extending to $84.68. The expected trading range today is $80.00 support to $83.60 resistance. Trend forecast: wait and see.
Brent crude oil futures prices face downward pressure
Economies.com analysts' latest view today: Brent crude oil futures prices are facing downward pressure and may fall to the $84.11 level, which represents the 38.2% Fibonacci retracement level of the upward wave from $76.95 to $88.53. If it falls below this level, the price will further fall to $82.74 as the next correction target. The 50-day exponential moving average (EMA50) forms downward pressure, supporting the expectation of a decline unless the price rebounds and breaks through $85.80 and stays above it. The expected trading range today is $83.30 support to $86.20 resistance. Trend forecast: bearish.
The next major target for CBOT corn prices is 410.00
Economies.com's analysts' latest view today: CBOT corn prices faced temporary bearish pressure yesterday, testing the key support level of 393.50, noting that the price is now starting to offer positive trading, on its way to resume the expected intraday bullish swing, with the next major target of 410.00. Therefore, the positive trading scenario will remain valid and active, provided that the price stabilizes above 393.50. The expected trading range today is between the 390.00 support and 405.00 resistance. Trend prediction: Bullish.
CBOT soybean prices are expected to rise during the day
Economies.com's analysts' latest view today: CBOT soybean prices provide new positive trading to consolidate above the support line of the bearish channel and hint at the construction of a bullish swing, with the goal of reaching the resistance line of the channel, which is 1084.00. It is recommended to maintain a bullish bias in the upcoming trading sessions, and there may be sideways fluctuations influenced by the bearish stochastics. A breakout of 1058.00 will help achieve the above target, please note that the continuation of the bullish swing depends on the stability of the price above 1032.82. Today's expected trading range is between the 1035.00 support and the 1170.00 resistance. Trend prediction: Bullish.
ICE raw sugar prices face additional bearish pressure
Economies.com's analysts' latest view today: ICE raw sugar prices are facing additional bearish pressure, breaking below 19.25 and closing below it, forming a double top pattern, the bearish target of which is towards the 18.00 area. Therefore, it is recommended to maintain a bearish bias in the upcoming trading sessions, and note that a break above 19.25 will stop the current bearish pressure and guide the price to start attempting a rebound with an initial target of 19.82. Today's expected trading range is between the 18.60 and 19.40 resistance levels. Trend forecast: Bearish.
The article is forwarded from: Jinshi Data
