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XAU/USD chart on the hourly time frame

Weak trading is still controlling the movement of gold price in the past days, which continues to fluctuate around the 2645.00 level, so the downward trend scenario remains as it is without change, and its first target is at 2600.00, noting that breaching 2670.00 will stop the expected decline and lead the price to return to the main upward path again.

 

On the other hand, it should be noted that the recent narrow fluctuation may be followed by a price explosion and a strong move in one of the two directions, which requires monitoring the price carefully during the upcoming trading.

USOIL chart on the hourly time frame

Oil price fell strongly yesterday to break the 69.55 level and reach the 68.64 level, and we notice that the price is facing negative pressure with the opening of today to provide signals of the direction to achieve further expected decline during the upcoming sessions, noting that confirming the break of the last level will push the price towards the 67.00 areas as a next negative station.

 

Therefore, the downward trend will be likely for today, taking into account that failure to confirm the break of 68.64 will lead the price to start new recovery attempts and build an upward wave with its main target reaching 70.58.