Has the Selling Pressure on Oil Ended?

XAU/USD – Gold Technical Analysis

After experiencing sharp selling yesterday, gold briefly tested its 21-day exponential moving average but managed to close the day above $2,900 despite pullbacks. This morning, the precious metal tested the $2,930 level but has since pulled back slightly, showing a mild bearish trend. If downward movement continues, key support levels to watch are $2,890 and $2,875. On the other hand, if a recovery occurs, resistance levels are seen at $2,930 and $2,940.

Resistance Levels: 2,930 / 2,940 / 2,955
Support Levels: 2,890 / 2,875 / 2,855
 

XAG/USD – Silver Technical Analysis

Following yesterday’s decline, silver is trading sideways in the early hours of today. If the price continues to rise, key resistance levels to watch are $31.80 and $32.05. If the price moves lower, important support levels are at the 50-day exponential moving average at $31.45 and $31.25.

Resistance Levels: 31.80 / 32.05 / 32.20
Support Levels: 31.45 / 31.25 / 31.00
 

EUR/USD Technical Analysis

The pair is showing a bearish trend in early trading today. If the downward movement continues, key support levels are 1.0465 and 1.0440. In the event of an upward move, critical resistance levels to watch are 1.0515 and 1.0530.

Resistance Levels: 1.0515 / 1.0530 / 1.0540
Support Levels: 1.0465 / 1.0440 / 1.0430
 

NAS100 Technical Analysis

After experiencing pullbacks in the first two trading days of the week, the Nasdaq 100 futures contract is currently trading in a positive price zone this morning. If the upward momentum continues, key resistance levels to watch are 21,420 and 21,540. If the price declines, key support levels to monitor are 21,145 and 21,000.

Resistance Levels: 21,420 / 21,540 / 21,710
Support Levels: 21,145 / 21,015 / 20,875
 

UKOIL (Brent Crude) Technical Analysis

Brent crude is trading sideways this morning, remaining above $73 per barrel. Technically, if the price moves higher, key resistance levels are $73.60 and $73.90. If a pullback occurs, critical support levels to watch are $72.70 and $72.30.

Resistance Levels: 73.60 / 73.90 / 74.20
Support Levels: 72.70 / 72.30 / 72.00