The current price of crude oil is around $75.00, with potential to either drop below this point or increase past $76.86. The trading limit for today is predicted between $73.70 (support) and $76.60 (resistance). Market volatility could significantly affect the oil price.
In a bearish scenario, a potential drop in prices might follow if the $73.70 support doesn’t hold. However, in a bullish scenario, prices passing the resistance level at $76.86 could ignite a price increase. Given the unpredictable nature of oil prices, traders should stay aware of global events and energy news as these can heavily impact oil prices.
Silver is expected to continue a downward trend, after almost closing below the $29.30 level in the last session. This trend might push towards the $28.55 mark. However, exceeding $29.30 could turn the trend towards a price recovery.
Understanding volatility of crude oil and metals prices
Consequently, today’s trading range is projected between $28.85 (support) and $29.65 (resistance) suggesting a bearish market view.
Gold is, contrastingly, showing positive trading patterns. However, if this momentum is lost, the price could be directed towards a recurring bearish trend with a main target level of $2483.40. The trading bracket today is between $2490.00 support and $2526.00 resistance. Therefore, which indicates a potential downward trend. Breaking or surpassing the projected range could signify a change in trading patterns.
Moving on to the USDCAD price consolidating around the $1.3471 level, indications point towards a return to a bearish trend. The trading range for today is projected between $1.3400 (support) and $1.3520 (resistance). Indications of a negative crossover may lead to an expected downward trend, towards a target set at $1.3360.
In conclusion, traders should execute strategic decisions in response to potential price swings. Attention to global events, energy news and major geopolitical tensions can significantly guide decision making in trading practices.
