This article summarizes the latest views of economists at Economies.com today, including spot gold, crude oil, and other varieties!
Spot gold prices remain bearish
The latest opinion from Economies.com's analyst: Spot gold prices are testing the key resistance level of $2340.10 and are currently holding steady below it to maintain the bearish trend. They are waiting to visit the 38.2% Fibonacci retracement level at $2272.06 to confirm a bearish scenario. The price needs to break $2324.00 to reduce the task of moving towards the target, and it is suggested that breaking $2340.10 will stop the expected decline and guide the price to regain the main bullish trend. The expected trading range is between the support level of $2310.00 and the resistance level of $2345.00. Trend prediction: bearish.
Spot silver prices remain neutral
The latest opinion from Economies.com's analyst: Spot silver prices opened strong today with a breakout above $30.06, attempting to hold above it to suggest a bullish wave and recover in the upcoming trading session. They tend to observe until the price confirms its situation according to the mentioned levels to identify the next target. The stochastic indicator shows signs of losing its positive momentum, which may force the price to fall again. The expected trading range is between the support level of $29.65 and the resistance level of $30.60. Trend prediction: neutral.
WTI crude oil prices face solid resistance but maintain a bullish trend during the day.
The latest opinion from Economies.com's analyst: WTI crude oil prices have successfully touched the level of $81.50 and face solid resistance, showing a slight bearish tendency by breaking through the level of $81.00. They are waiting for positive motivation, which may help drive the bullish wave in the bullish channel visible on the chart, with a target of achieving additional gains up to $82.25, and then $83.90. Breaking below $80.50 will stop the expected uptrend and may push the price to test the key support level of $79.55 before any new positive attempt. The expected trading range is between the support level of $79.70 and the resistance level of $82.60. Trend prediction: bullish.
Waiting for Brent crude oil prices to recover a bullish trend
The latest opinion from Economies.com's analyst: Brent oil prices show some bearish tendencies, approaching the key support level of $84.77. The stochastic indicator is emerging from its negative momentum and moving towards the oversold area, waiting for the upcoming bullish trend. The main target of the bullish trend is $85.80, followed by the level of $87.67. EMA50 continues to support the recommended bullish wave, which is still valid unless the price falls below $84.77 and stays below it. The expected trading range is between the support level of $84.00 and the resistance level of $87.00. Trend prediction: bullish.