FXEM - EMPIRE MARKETS - Company New Article

Gold price managed to break the 2673.70 level and closed the daily candle above it, reinforcing expectations of continuing the upward trend on the intraday basis, reminding that our next target is at 2700.00.

Noting that breaking 2659.00 will put the price under new negative pressure to target testing the 2640.00 - 2635.00 levels before any new attempt to rise.

Oil price faced negative pressures to break the 78.25 level and stabilize below it, and by looking closely at the chart, we find that the price is forming a head and shoulders pattern whose confirmation level is at 77.45, which means that breaking this level will pressure the price to continue declining and achieve negative targets up to 75.60.

From here, the bearish trend will be likely for today, noting that breaking 78.25 and then 78.80 will stop the negative scenario and lead the price to resume the main upward path again.