Gold is still trading below the 50 average, which it is currently trying to test in the areas between 1318 and 1321, a breach of that area and stability above it suggests the continuation of the rise to the next resistance area 1328, which, if broken, extends the rise to the next resistance 1340, but if gold fails to breach the 50 average, it may fall again to the first support area 1310, which we may see a test of the psychological support area 1300, which may extend the test to the 1297 area.
Gold still finds trouble in the strongest physical resistance area of $ 2070 and succeeds in stabilizing above it for several days, as it usually fails to close above it two days in a row, we do not take last week's trading very seriously due to the low liquidity in the markets due to the western holiday season, so we must monitor the market next week, especially since it will be the 13th week in the current bullish wave, and usually gold bullish waves end between 11/13 weeks.
Silver Technical Analysis
As is clear from the oil price movement chart, prices are currently centered in the center of the channel dominating trading, with the emergence of positive signals, as buyers formed higher lows and higher highs than the previous ones, oil succeeded in breaking through the 23% Fibonacci retracement levels and closing above them in its second attempt, in the meantime we target the 38% levels at $97 per barrel with a strong possibility of testing the upper limit of the price channel at approximately 103.5 levels.
Therefore, we believe that current oil prices are positive and recommend buying to target the levels mentioned above.
Top Economic News
Urgent: U.S. stocks plunge on tariff fears
Stocks in the U.S. closed lower at the end of trading on Friday, with losses in the consumer servicesconsumer staples. consumer goods andbasic materials.
At the close of trading in New York, the Dow Jones Industrial Average closed down 0.99%, while the S&P 500 down 0.95% and the Nasdaq Composite Index down 1.36%.
Among today's leading stocks in the Dow Jones Industrial Average NVIDIA Group (NASDAQ:NVDA), which rose 0.90% or 1.16 points to 129.84 at the close. In contrast, Coca-Cola Co (NYSE:KO) continued to gain 0.76% or 0.48 points and closed at 63.84, while Chevron Corp (NYSE:CVX) added 0.47% or 0.72 points at 152.62 at the end of the session.
As for the underperformers at the end of the day, Nike Inc (NYSE:NKE) down 4.27% or 3.06 points and traded at 68.68 at the close. Amazon.com Inc (NASDAQ:AMZN) ) fell 4.05% or 9.68 points at 229.15, and Apple (NASDAQ:AAPL) closed down 2.40% or 5.59 points at 227.63.
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