Oil has a very volatile trading session today. It has already tested the resistance at $49.40 and the support at $47.30. Most likely, it will easily ignore levels inside this range while traders wait for news from OPEC+ meeting. Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their...
Silver managed to settle above the resistance at $27.00 is is trying to settle above the next resistance level at $27.50. RSI is very close to the overbought territory but there is still plenty of room to gain additional momentum in case the right catalysts emerge. If silver settles above the resistance at $27.50, it will head towards the next resistance level...
Oil continues to consolidate near the $48 level. Big moves are not expected in the last trading session of the year, so oil will likely finish this year somewhere in the current trading range between the support at $47.70 and the resistance at $48.65. The current consolidation looks like a healthy base for the continuation of oil’s upside move in 2021 but oil...
Yesterday, silver managed to get above the resistance at $26.30 but failed to develop additional upside momentum. Today, silver made an attempt to get back below $26.30 but received support near this important level. If silver settles above $26.30, it will have a very good chance to continue its upside move. The next resistance for silver has emerged near $26.70....
Oil is trying to settle above the resistance at $48.65 after the release of a bullish inventory report. It remains to be seen whether there is enough interest in the market at the end of the year, but there is plenty of room to gain momentum after the recent consolidation. If oil gets above $48.65, it will head towards the next resistance at December highs at...
The technical situation has not changed at all compared to the previous trading session as silver is still trying to get above the nearest resistance level at $26.30. Silver has already made several attempts to gain upside momentum above $26.30 but these attempts yielded no results, and it remains to be seen whether silver will be able to attract enough interest...
Oil continues to trade near the $48 level, and it should be noted that volatility decreased in recent days. The support at $47.70 has been once again tested during the current trading session and proved its strength. At this point, it looks that a move below this support level may present a near-term problem for the bulls. On the upside, oil needs to settle...
Silver is currently trying to settle above the nearest resistance level at $26.30. Silver has already made several attempts to settle above this level in recent trading sessions and even managed to get above $26.30 but failed to gain sufficient upside momentum. The resistance near $26.30 remains strong, but silver will have a good chance to develop strong...
Oil is currently trying to stay above the $48 level. It should be noted that oil has already made several attempts to get back to the previous upside channel but failed to develop sufficient upside momentum. Perhaps, the previous trajectory is too aggressive, and oil will need additional upside catalysts to get to the $50 level. The nearest resistance level for...
Silver gained strong upside momentum and is trying to settle above the resistance at $26.30. It has recently made several attempts to settle above this level but they were not successful. This time, it looks like silver has good chances to settle above $26.30 and get to the test of the next resistance level at $27.00. RSI is still in the moderate territory so...
Oil made an attempt to settle above the resistance at $48.65 but failed to gain sufficient upside momentum and pulled back closer to $47.70. If oil manages to settle below $47.70, it will head towards the next support level at $47.30. It should be noted that oil’s volatility will be limited ahead of holidays so traders should not expect big moves. On the upside,...
Today, silver made an attempt to settle above the resistance at $25.85 but failed to develop sufficient upside momentum and pulled back towards the nearest support level at $25.55. If silver settles below the support at $25.55, it will move towards the next support level at $25.30. A successful test of the support at $25.30 will push silver towards the next...
Oil gained strong upside momentum after the release of a bullish inventory report and is trying to settle above $48.00. More importantly, oil is trying to get back to the previous upside channel. If this attempt is successful, oil will head towards the next resistance at $48.65 and will have a good chance to get to the test of the recent highs at $49.40. On the...
Today, silver made an attempt to get below the support at $25.00 but quickly rebounded. Currently, is trying to settle above the nearest resistance level at $25.55. If this attempt is successful, silver will get to the test of the resistance at $25.85. A move above this level will push silver towards the resistance at $26.30. On the support side, a move below...
Oil is trying to settle below the support at $47.30. If this attempt is successful, oil will head towards the next support at the 20 EMA at $46.20. Recent trading sessions have indicated that there are no important levels between $46.20 and $47.30 so this move may be fast. On the upside, oil has once again faced resistance near $48.00. If oil manages to settle...
Silver is testing the nearest support level at $25.85. if this test is successful, silver will head towards the next support level at $25.55. RSI is in the moderate territory so there is plenty of room to gain additional downside momentum in case the right catalysts emerge. If silver settles below $25.55, it will move towards the next support at $25.30. A move...
Oil is under serious pressure today amid fears about the new coronavirus strain in UK. In addition, oil was a bit overbought last week so the coronavirus-related panic was amplified by some profit taking. Oil managed to find support at $46.30 and rebounded back above the $47 level. Currently, oil is trying to stay above the low end of the current upside channel....
Silver had a very volatile trading session today. It tested the support at $25.00 and got close to the resistance at $27.50. Levels inside this range were mostly ignored but they will be back in play once the situation calms down a bit. The nearest support level for silver is located at $25.85. If silver declines below this level, it will get to the test of the...