FXEM - EMPIRE MARKETS - Company New Article

Gold price shows some bullish bias to approach the 2640.00 level, waiting for the price to be motivated to resume negative trading to exceed the 2600.00 barrier and then rush towards 2555.00 which represents our next negative target.

Therefore, the downtrend will remain in place until now, taking into account that breaking 2640.00 will complete the formation of a bullish technical pattern that has the ability to push the price towards the 2700.00 areas directly.

Oil price succeeded in achieving our first expected target at 72.15, and starts the day with an additional rise to breach this level and confirm the continued dominance of the bullish trend during the upcoming sessions, paving the way for heading towards 73.70, which represents our next main target.

From here, the bullish trend scenario will remain valid and effective, noting that failure to hold above 72.15 may pressure the price to start a bearish wave targeting visiting the 70.58 areas before any new attempt to rise.