FXEmpirecom

FXEmpirecom

Oil is facing some pressure at the start of the week and tries to settle below $46.00. However, support for oil remains strong, and it needs to settle below the nearest support level at $45.80 to develop downside momentum. On the upside, a move above $46.25 will push oil towards the recent highs at $46.65. A successful test of this level will open the way to the...

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Silver did not manage to settle above the resistance at the 50 EMA at $24.10 and made an attempt to settle below the nearest support at the 20 EMA at $23.90. This attempt was not successful, and silver remained stuck in a tight range. Silver will likely develop strong momentum if it manages to settle above the 50 EMA. In this case, silver may quickly get to the...

FXEmpirecom

Oil managed to get above the resistance level at $45.80 and is trying to settle above the next resistance at the previous highs at $46.25. It has already managed to get above this level but faced strong resistance at $46.65 and pulled back. If oil settles above $46.25, it will get to another test of the resistance at $46.65. A move above this level will push oil...

FXEmpirecom

The technical picture for silver remains roughly the same for the third trading session in a row, although it should be noted that silver is starting to get support at higher levels.  At this point, silver is still trying to settle above the 50 EMA at $24.15. Most likely, silver will gain material upside momentum once it manages to settle above this level. In...

FXEmpirecom

The technical picture for oil has not changed much compared to the previous trading session as traders continue to wait for OPEC+ decision on production cuts. Yesterday, oil made an attempt to settle above the resistance at $45.80 but failed to develop sufficient upside momentum and remains below this level. A move above $45.80 will push oil towards the recent...

FXEmpirecom

Silver is currently testing the nearest resistance at the 50 EMA at $24.15. The resistance at the 50 EMA has already proven its strength in recent weeks, and even the weak dollar has so far failed to push silver above the 50 EMA.  RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum. If silver settles above the 50...

FXEmpirecom

Oil made an attempt to settle below $44.00 but failed to gain sufficient downside momentum and returned back to the $45 level. The current technical picture looks rather bullish for oil, but it needs to get above the resistance at $45.80 to confirm that it is ready to gain more upside momentum. In this case, it will head towards the next resistance level at the...

FXEmpirecom

Silver lost upside momentum after yesterday's rally and is currently testing the support at the 20 EMA at $23.80. If silver manages to settle below this level, it will head towards the next support level at $23.30. In case silver settles below the support at $23.30, it will gain downside momentum and head towards the next support level at $22.90. On the upside,...

FXEmpirecom

Oil managed to settle below the $45 level and is currently testing the support at $44.40. If oil settles below this level, it will head towards the next support which is located at the previous resistance at August highs at $43.75. A move below this level will push oil towards the next support at $43.00. On the upside, the previous support at $44.75 will likely...

FXEmpirecom

Silver managed to settle above the resistance level at $23.30 and is trying to get above the next resistance at the 20 EMA at $23.75. If this attempt is successful, silver will gain additional upside momentum and head towards the next resistance level at the 50 EMA at $24.10.  The 50 EMA was a major resistance level for silver in the second half of November so...

FXEmpirecom

Oil made an attempt to settle below the $45 level but received strong support at $44.45. The nearest support level for oil is still located at $44.75. If oil declines below this level, it will head towards the recent lows at $44.45. A successful test of this level will open the way to the test of the next support level at $43.75. On the upside, the nearest...

FXEmpirecom

Silver gained strong downside momentum and is currently trying to settle below $22.00. If this attempt is successful, silver will decline towards the next support level at September lows at $21.65. RSI has not yet entered the oversold territory so there is some room to gain downside momentum in case the right catalysts emerge. If silver manages to settle below...