FXEM - EMPIRE MARKETS - Company New Article

Gold price continued to decline and reached the 2615.00 areas, directing negative pressures and a possible shift in the direction towards the decline, but the price started today with an upward trend and is trying to rise again.

The conflict between technical factors makes us prefer to stay neutral until we get a clearer signal for the next direction, noting that breaching 2640.00 and stabilizing above it again will reactivate the bullish wave whose first main target is at 2700.00, while breaking 2630.00 will put the price under additional negative pressure to head towards visiting the 2600.00 level as a first negative station.

Oil price achieved strong gains yesterday and reached the 75.00 barrier, but it rebounded sharply to break the 73.70 level and stabilize below it, which puts the price under expected negative pressure during the upcoming sessions, heading towards visiting the 72.15 level mainly.

Therefore, the bearish bias will be likely for today, taking into account that breaking 73.70 and stabilizing above it again will reactivate the bullish wave whose next target is 75.65.