FXEM - EMPIRE MARKETS - Company New Article

Gold price trading is stable below the 2600.00 barrier, waiting for a negative incentive that pushes the price to continue declining and achieve our next negative target at 2555.00.

Note that breaching 2660.00 will stop the downward wave and push the price to build an upward wave whose targets begin with testing the 2700.00 barrier.

Oil price shows more bearish bias to gradually approach our expected target at 68.65, and we notice that the price has completed forming a double top pattern that supports the chances of exceeding the mentioned level to open the way to achieve additional negative targets reaching 67.00.

Therefore, we continue to favor the bearish trend in the coming period, noting that breaching 70.58 will stop the bearish wave and lead the price to turn higher.