FXEM - EMPIRE MARKETS - Company New Article

Gold price continues to rise after confirming the breach of the 2640.00 level, as it received a positive incentive after completing the formation of the double bottom pattern whose features appear on the chart, on its way to test the 2700.00 level, which represents our next stop.

Therefore, we expect to witness more rise during the upcoming sessions, noting that breaking 2640.00 will stop the upward trend and pressure the price to decline again.

Oil price is fluctuating around the 73.70 level which is a good resistance for the price, waiting for a positive incentive that contributes to pushing the price to break this level and open the way for a rush towards 75.65 as a next positive target.

Therefore, we continue to favor the upward trend in the coming period, taking into account that failure to break 73.70 will put the price under negative pressure to head towards testing the 72.15 areas before any new attempt to rise.