This article summarizes the latest views of analysts from Economies.com, including various commodities such as spot gold and WTI crude oil futures!
Brent crude oil futures face increasing downward pressure.
Brent crude oil futures fell in the previous trading session, affected by the downward pressure triggered after breaking below the EMA50. Additionally, the breach of a short-term bullish correction trendline and the appearance of a negative crossover on the Relative Strength Index (RSI) following its drop below oversold levels further intensified the downward pressure.
International spot silver has fallen below oversold levels.
International spot silver declined in the previous trading session, reaching the current support level of $46.80, which was the target level anticipated in our prior analysis. The persistent price movement below the 50-day moving average has maintained downward pressure, reinforcing both the strength and stability of the short-term bearish correction trend. Silver prices are trending along the trendline, and the emergence of a negative crossover on the RSI, following the breach of oversold levels, has opened up room for further declines in the near term.
WTI crude oil futures may break below a key support level.
WTI crude oil futures declined in the previous trading session, influenced by persistent downward pressure from staying below the EMA50. This reinforced the dominance of the primary downtrend in the short term, with price movements aligning with the trendline supporting the downtrend. Notably, following the resolution of the oversold condition, the RSI began to show a negative crossover, increasing downside pressure on prices and raising the likelihood of continued declines in subsequent trading sessions.
The downward pressure on international spot gold continues to persist.
International spot gold closed lower in the previous trading session, breaking below the key support level of USD 3,950, which was the target level anticipated in our prior analysis. Meanwhile, as prices remain consistently below the 50-day moving average, the persistent downward pressure has further solidified the stability of the bearish correction trend, with gold currently trading along the support trendline of this movement. Although the Relative Strength Index (RSI) has reached oversold levels, the emergence of negative signals indicates weakened bullish momentum and confirms the dominance of selling pressure in the current trading environment.
