FXEM - EMPIRE MARKETS - Company New Article

Gold price has provided positive trading in the past sessions, noting that the Stochastic indicator has lost its positive momentum to show overbought conditions now, which constitutes a negative incentive that supports the chances of a downward rebound to resume the expected downward trend for the coming period, whose next target is at 2555.00.

Stability below 2641.00 represents a preliminary condition for the continuation of the expected decline, as breaching it will lead the price to achieve additional gains starting with testing the 2675.00 and then 2706.00 areas.

Oil price trading rebounded significantly after approaching the 68.65 level, invalidating the double top pattern mentioned in our last report and heading towards a possible test of the 70.58 levels, moving within a sideways range between the mentioned levels, and the price needs to exceed one of these two levels to determine its next destination more clearly.

Therefore, the sideways bias will be likely in the short-term, noting that breaking the resistance 70.58 will push the price to achieve additional gains reaching 72.15, while breaking 68.65 will put the price under new negative pressure targeting the 67.00 areas as the next negative station.