Crude oil trading’s value is on a decline, with prices dropping past the $74.00 mark and suggesting a consistent bearish trend. Many reckon that this trend could plunge to around $72.05 due to factors like global economic situations and a sudden spike in production. However, the unpredictable nature of international geopolitics could possibly turn the tide.
Investors should be watchful and proceed carefully. Yet, if crude oil prices ascend past $75.00, it could upset the bearish trend, possibly initiating a surge towards the $76.86 zone and potentially aiming for $80.00. But remember, unpredictable global events could trigger a hefty pullback.
Silver prices are trying to keep their heads above the critical $29.30 support. If prices can break past the $30.06 mark, we could see a bullish trend, pushing goals up to $31.00. Despite facing challenges, silver prices remain above this crucial support level.
Crude and USDCAD dip while metals shine
Gold too shows an upward trend, bouncing back from an earlier decline. The forecast suggests gold prices may soon challenge the $2540.00 mark, potentially aiming to the $2600.00 level if crossed successfully. This potential surge paints an optimistic picture of gold’s future market trend.
The USDCAD is going downward, diverging further from the traditional $1.3653 mark. A continued bearish trend is expected, primarily targeting $1.3562. If it drops past this, it could aim for the 61.8% Fibonacci correction level at $1.3470.
In sync with the USDCAD bearish outlook, EMA50 is on the same line as the price, as long as it remains above the $1.3653 mark. The RSI too indicates a potential upward trend. But watch for a breach below the $1.3653 mark, as it may warrant a reassessment of the bearish outlook. This is crucial to keep monitoring market conditions to realign positions suitably.
