FXEM - EMPIRE MARKETS - Company New Article

Gold price is facing temporary negative pressure to retest the breached neckline of the double bottom pattern at 2640.00, coinciding with the emergence of clear positive signals through the Stochastic indicator.

Hence, these factors encourage us to expect an upward rebound during the upcoming sessions to resume the expected bullish trend on the intraday basis, whose next main target is at 2700.00, taking into account that breaking 2640.00 will put the price under additional negative pressure to head towards starting a bearish wave targeting 2600.00 as a first negative station.

Oil price achieved a clear breach of the 73.70 level and closed the last daily candle above it, reinforcing expectations of the continued dominance of the upward trend in the immediate and short term, opening the way to head towards 75.65, which represents our next main target.

Noting that breaking 73.70 will stop the upward wave and push the price down towards the 72.15 areas mainly.