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ICE raw sugar prices remain on the sidelines for the time being, waiting for new trends to emerge.
Economies.com analysts’ latest opinion today: ICE raw sugar prices show a clear downward trend, approaching the key support level of 22.60. Finding from the chart that the price is forming a double top pattern could cause the price to turn lower, especially as the stochastic indicator is currently providing a clear negative signal, while the EMA50 is trying to support the price and prevent it from falling further. Therefore, the contradiction between technical factors makes us prefer to wait and see until the price confirms its situation based on the 22.60 level. It is important to note that a break above this level will see the price drop directly to 21.35, while consolidation above this level will see the price rise to 23.80.
CBOT soybean prices will remain bearish
Economies.com analysts’ latest views today: CBOT soybean prices pulled back after testing the resistance of the bearish channel shown on the chart, successfully hitting our first target of 1204.10 and stabilizing at that level, awaiting a break above it to confirm the move. The decline continues within the above-mentioned channel and heads towards the next target of 1171.50. Therefore, unless 1220.00 is breached and sustained above this level, we will continue to recommend maintaining the bearish trend in the coming periods. Today's expected trading range is between the support level of 1190.00 and the resistance level of 1220.00.
As long as CBOT corn prices hold steady at the 450.00 level, a bullish recommendation remains
Economies.com analysts’ latest view today: CBOT corn prices continue to fluctuate around 455.00, and have struggled to break through this level so far. As long as the 450.00 level remains intact, a bullish trend is still recommended, waiting to visit the next correction target of 462.40. It is important to note that a break above 450.00 will halt the expected rise and allow the price to attempt to return to the main bearish trajectory. Today's expected trading range is between the support level of 450.00 and the resistance level of 460.00.
Brent crude oil prices remain bearish
Economies.com analysts’ latest opinion today: Brent crude oil prices have corrected after confirming a breakout of the 81.00 level, falling to the resistance level of $79.00, opening the way for further declines, targeting a visit to 77.44 as the next negative site. Therefore, in future trades, we recommend maintaining the bearish trend, supported by the negative pressure forming at the EMA50. Something to consider is that a break above 81.00 will halt the current bearish trend and cause the price to attempt to resume the bullish trend. Today's expected trading range is between the support level of 77.60 and the resistance level of 80.70.
WTI crude oil prices expected to fall further
Economies.com analysts’ latest opinion today: WTI crude oil prices fell sharply, breaking through the support line of the bullish channel, reaching 73.73, and finding solid support there, showing some sideways movements, supported by negative pressure formed by EMA50 , thereby increasing the likelihood of a breakout of this level and initiating further negative moves towards 72.45 and 71.75 as the next major targets. Therefore, we expect to see more declines over the next few sessions, with the caveat that a break above 74.85 will halt the expected decline and push the price back onto the main bullish trajectory. Today's expected trading range is between the support level of 72.40 and the resistance level of 75.50.
Spot silver prices may continue to rise in the short term
Economies.com analysts’ latest opinion today: Spot silver prices began to rebound after falling to 22.50 and stabilized above 23.00 again, suggesting that they may continue to rise in the short term. Taking a deeper look at the chart, we see that the price is forming a new inverted head and shoulders pattern with its confirmation line at 23.30, which means that a break above this level will push the price past the first positive target of 23.70 and start a rebound towards 24.60. Therefore, we expect bullish momentum to continue in future trades, barring a break above 23.00, followed by the 22.85 levels and a hold below these levels. Today's expected trading range is between the support level of 22.85 and the resistance level of 23.60.
Spot gold prices encountered solid resistance at this position
Economies.com analysts’ latest opinion today: Spot gold prices encountered solid resistance at the 2065.70 level, waiting for the accumulation of positive momentum to help break through this level and start the continuation of the bullish trend within the day, with the next target at 2100.00. The EMA50 continues to support the price, reinforcing expectations for a continuation of the bullish trend, and it needs to be taken into account that if 2065.70 is not exceeded, the price will start a bearish move and test the 2016.90 level before clearly identifying the next target. Today's expected trading range is between the support level of 2040.00 and the resistance level of 2075.00.
Article forwarded from: Golden Ten Data