FXEM - EMPIRE MARKETS - Company New Article

Gold begins to provide slight negative trades indicating the price's direction to resume the bearish intraday trend, waiting to cross the 2600.00 barrier to enhance the chances of targeting the 2555.00 level, which represents our next negative station.

Therefore, we continue to favor the bearish trend in the coming period, reminding you that breaching 2640.00 will stop the expected decline and push the price to build a new upward wave with targets starting at 2675.00 and extending to 2706.00.

Oil price faced negative pressure yesterday and approached the sideways range support at 68.65, and rebounded upwards to settle around 69.59, to remain confined within the sideways range whose edges are represented by the mentioned support and the resistance 70.58, waiting for one of these two levels to be breached to determine its next targets more accurately.

We note that breaking the mentioned level 68.65 will pressure the price to incur new losses reaching 67.00, while breaching the resistance represents the key to shifting to the rise and building an upward wave whose first main target is at 72.15.