Crude oil prices have taken a dip from the previous surge of $78.66, with expectations to hit a low of $77.24 and potentially even lower. This is due to pressure generated by the EMA50. If this predicted price point holds true, further substantial falls in oil prices could be on the horizon, signalling a bearish market condition.
However, should the oil price exceed the $78.66 mark, we could witness initial signs of market recovery, targeting a price around $80.08. This, amidst a predicted day’s trading margin between $76.00 (support) and $79.00 (resistance). Regardless, a continued bearish trend is anticipated, indicating the need for vigilance and opportune decision-making based on the market’s reactions.
On the other hand, Silver prices have reached a new high, surpassing $28.55 and now aiming towards an envisioned mark of $27.62. Despite the positive trend, potential hits may bring it down to around $27.00, and possibly even as low as $26.12.
Market trends: crude oil dips, silver surges, USDCAD bullish
If the silver prices exceed the thresholds of $28.55 and $29.30, it could ease downward pressures and catalyze a price upswing.
Gold prices experienced significant drops at the start of trading, it went beyond an initial target of $2390.00, moving towards $2366.10. With prices potentially to continue declining towards $2325.65, the market indicates a shift from bullish to bearish, hinting at further drops. Escalated caution is advised in this market condition.
Last but not least, the USDCAD seems to be heading north, nearing a target of 1.3845$. Should the threshold be exceeded, we may see both short and intermediate-term gains. Conversely, the failure to reach this goal may trigger a price decline towards 1.3690$. Amid the prediction of an overall bullish trend for the day’s range, traders’ sentiment largely remains optimistic. The market’s attitude and the potential impacts of US and Canadian economic news are worth noting for traders.
