FXEM - EMPIRE MARKETS - Company New Article

XAU/USD chart on the hourly time frame

Gold price opens today's trading with a noticeable positivity to penetrate the 2646.00 level and stabilize above it, and by looking closely at the chart, we find that the price is completing the formation of a double bottom pattern that we expect will motivate the price to achieve more gains during the upcoming sessions, heading towards visiting the 2700.00 areas as a first main station.

Therefore, the upward trend will be likely for today, noting that breaking 2649.00 will stop the positive scenario and pressure the price to decline again.

USOIL chart on the hourly time frame

Oil price found strong support at 68.64, showing positive trading and heading towards building an expected bullish wave on the short-term, targeting a visit to 70.58 mainly. 

Therefore, the bullish bias will be likely for today, noting that breaching the targeted level will extend oil price gains to reach 72.14 on the short-term, while breaking 68.64 will stop the expected rise and pressure the price to turn down.