Waiting to gain positive momentum to push prices higher, the next major target for spot gold remains at $2,700.00
Economies.com's analysts' latest view today: Spot gold price stabilizes above the resistance level of the bullish channel being broken, noting that the stochastic indicator is gradually getting rid of its negative momentum, waiting to gain positive momentum to push the price up and continue the main bullish trend, with the next major target reaching $2700.00. Therefore, we will continue to recommend a bullish trend in the next period and note that if the price falls below $2650.00, it will stop the expected rise and push the price to achieve some intraday bearish correction. The expected trading range today is between the $2645.00 support and $2685.00 resistance. Trend prediction: Bullish.
EMA50 continues to support the suggested bullish wave trend, with the next upside target for spot silver at $32.50
Economies.com's analysts' latest view today: Spot silver prices show some bearish bias and may fall below $32.00, while the stochastic indicator attempts to gain positive momentum on the intraday time frame, which supports the possibility of resuming the expected major bullish trend with the next positive target at $32.50. The 50-day exponential moving average (EMA50) continues to support the suggested bullish wave, which will remain valid unless it breaks below $31.00 and remains below it. The expected trading range today is between the $31.60 support and $32.40 resistance. Trend prediction: Bullish.
Brent crude oil futures prices will face expected downward pressure
Economies.com's analysts' latest view today: Brent crude oil futures prices fell significantly yesterday, falling below $73.79 and closing below this level. It is expected to face the expected downward pressure in the next trading session and move towards the $72.00 area as the next major target. Therefore, today's bearish recommendation is supported by a break below the 50-day exponential moving average (EMA50), and note that if the price falls below $73.79 and then below the $74.25 level, it will stop the expected decline and lead the price back to the corrective bullish trend. The expected trading range today is between the $72.00 support level and the $75.00 resistance level.
WTI crude oil futures prices may test the neckline support of the head and shoulders bottom pattern
Economies.com's analysts' latest view today: Yesterday, WTI crude oil futures prices faced strong downward pressure, breaking below $71.95 and testing the key support of $70.44 again. This level is the neckline of the head and shoulders bottom pattern that appeared on the chart, waiting to resume the bullish correction, with the next target at $71.95, followed by $73.48. On the other hand, we should note that if the price falls below $70.44, it will stop the bullish trend and push the price to build a bearish wave with an initial target of $68.55. Today's expected trading range is between the $69.20 support and the $72.20 resistance. Trend forecast: bullish.
CBOT corn prices maintain bullish trend
Economies.com's analysts' latest view today: CBOT corn prices rose significantly, breaking through 416.30 and stabilizing above this level again to resume the corrective bullish trend scenario and move towards achieving new gains, first testing the 425.30 level, pointing out that a breakout of this level will directly push prices towards 434.30. Therefore, unless it breaks below 416.30 and remains below it, it is recommended to maintain the bullish trend in the next trading sessions. The expected trading range today is between the 415.00 support level and the 430.00 resistance level. Trend forecast: bullish.
Waiting for CBOT soybean prices to break above 1071.20 to confirm continuation of bullish trend
Economies.com's analysts' latest view today: CBOT soybean prices resumed positive trading, approaching the 1071.20 level again, waiting to break this level to confirm the continuation of the bullish wave and realize additional gains to 1105.50 as the price is influenced by the previously completed head and shoulders bottom pattern. The 50-day exponential moving average (EMA50) supports the expected rise, while pointing out that a failure to break through 1071.20 may force the price to fall to the 1028.80 area before any new positive attempts. The expected trading range today is between the 1050.00 support and 1085.00 resistance. Trend prediction: Bullish.
ICE raw sugar futures prices maintain bullish trend
Economies.com analysts' latest view today: ICE Raw Sugar futures prices continue to rise, approaching a new target of 23.90, and seem to be on track to break through this level, allowing for more gains on a long-term basis. Therefore, we continue to recommend a bullish trend in the coming period, while noting that a break below 22.73 will stop the bullish wave and push prices to turn negative. The expected trading range today is between the 23.20 support level and the 24.00 resistance level. Trend prediction: Bullish.
The article is forwarded from: Jinshi Data