Daily reviews

Gold prices rebounded from the main support level 1680.00, tested yesterday, and then rebounded strongly to the resistance level 1717.30, bypassing several resistance levels. Therefore, the way is open to reach the target at the value of 1725.00 if the price manages to break the resistance 1717.30.

The bullish bias …

The pound against the dollar continues to move sideways below the resistance level 1.1990 with a slight tendency to the downside, where the movement stabilized between the mentioned resistance and the moving average 50 from below.

The stochastic indicator gives a negative signal for the movement, so we may see …

The EUR/USD pair is fluctuating sideways between the 1.0170 support and the 1.0250 resistance, which is returned and tested yesterday.

The breach of the resistance level 1.0250 is necessary to complete the bullish rebound that started a week ago, and the next target will be the level of 1.0340.

But …

#ABC

The general trend is ascendant. The descendant wave structure is truncated. Awesome Oscillator indicates bullish divergence, and Stochastic Oscillator signals oversold conditions. The inclined channel of the truncated structure is breached.

Trading idea:

Buy when level 143.40 is breached.

Stop-loss: 136.00.

Target levels: 150.00; 164.20.

The general trend is descendant. The ascendant wave structure is truncated. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.

Trading idea:

Sell when the descendant wave structure forms, where the wave (A) breaches through the inclined channel of the ascendant truncated structure.

Stop-loss: 0.8933.

Target levels: 0.8820; …

Commodities market

Oil prices rose today after previous declines amid tight supply and political tensions. Brent crude futures rose 1.6%, and WTI crude futures rose 1.5%.

Key tickers:

Brent: 104.29 — neutral.

WTI: 96.70 — strong sell.

NG: 7.826 — sell.

Foreign exchange market

The U.S. dollar was down today …

Gold managed to breach the support level of 1700.00, ending the sideways path it was moving within. Therefore, the way becomes open to test the main support level 1680.00, provided it remains below 1700.00.

In general, we continue to suggest the bearish path due to the negative pressure of the …

The pound against the dollar is fluctuating around the resistance level 1.2000 in an attempt to return to the bullish path, which is confirmed by stability above the mentioned level.

Technical indicators support the bullish scenario, where the price is affected by the positivity of the stochastic indicator. Also, the …

The EURUSD pair tried to breach the resistance 1.0250, but it failed to do so and then rebounded down to the support level 1.0170, where the EMA 20 resides, which stopped the bearish rebound. It pushed the price to return to the upside, affected by the positivity of the stochastic …

#CNOOC

The general trend is ascendant. The descendant wave structure has finished breaching the inclined channel. Awesome Oscillator indicates bullish divergence, and Stochastic Oscillator signals oversold conditions. A breach of 10.07 will cause an ascendant wave structure to form.

Trading idea:

Buy when level 10.07 is breached.

Stop-loss: 9.26.

Target …