UAE was forced to close some beaches after the country detected an oil spill from a tanker which was attacked in the Persian Gulf. Iran has increased attacks on tankers in recent weeks. In this light, the U.S. may choose to restart the military operation against Iran to protect vessels going through the Strait of Hormuz.

Iran has previously warned that the country’s response to a potential attack would not be limited to defense. Iranian officials have speculated that the country could initate a land operation against any country helping the U.S. I’d note that the U.S. has already ordered some diplomats and their families to leave Saudi Arabia, a sign of escalating tensions in the region.

WTI oil climbed above the resistance at $100.50 – $101.00 and is trying to settle above the $103.00 level. In case this attempt is successful, WTI oil will head towards the next resistance, which is located in the $106.00 – $106.50 range. A move above the $106.50 level will push WTI oil towards the $110.00 level.

Platinum price launched a strong bearish attack in yesterday’s trading, pressured by its fluctuations below the additional resistance extending toward $1650.00. As a result, the price has reached its initial main target at $1555.00.

The price may be forced to move sideways for some time. However, the main technical indicators are converging to signal negative momentum, increasing the likelihood of a renewed bearish attack. We expect the price to move toward $1510.00 and $1480.00.

The expected trading range for today is between $1510.00 and $1600.00

Trend forecast: Bearish

Copper price intensified its bearish attack in yesterday’s trading, driven by recurring negative pressure, breaking below our previously suggested first target at $6.3000. This has kept the price trading below the 55-period moving average.

We note that continued stability below the resistance level at $6.6100, alongside the negative momentum signals from the main technical indicators, could strengthen the bearish pressure. We therefore expect the price to attempt a move toward support near $6.2400. A break below this level would pave the way for further declines toward additional targets, potentially starting at $6.1100.

The expected trading range for today is between $6.2400 and $6.4300

Trend forecast: Bearish

Silver is trading near $54.05 on the 4-hour chart, inside the falling channel that has guided prices lower since September. The latest rejection came near $58.09 at the top of the channel, and the drop that followed took silver to a fresh low near $53.43, just under the $53.46 support, before a small bounce.

If $53.46 gives way on a closing basis, $52.41 and then $51.39 come into play. On the upside, silver needs to clear $54.53 first, then $55.77.

Moving Average Crossover Reinforces Bearish Pressure

Signs of resistance are anticipated near that average given its accelerating downward slope, reflecting increasing seller momentum. The average has also declined below the recent minor lower swing high of $62.09 and is approaching a cross below the falling channel’s midline. Those signs support the bearish implications of the recent moving average crossover, in which the 20-day moving average crossed below the 50-day moving average, reinforcing short-term bearish momentum. Together, these factors suggest that any recovery may encounter selling pressure before reaching the upper channel boundary.

Breakdown Risks Extend Toward $48.29

Finally, a further support reference lies near $54.49, defined by the high of a resistance shelf that began forming in October 2025. Given this nearby support, a break to new lows should be treated cautiously until additional technical evidence confirms the breakdown. However, if price continues to fall and these support levels fail to hold, silver could eventually test support near the 78.6% Fibonacci retracement at $48.29. For now, the $55.40 low remains the immediate decision point, with a breakdown favoring trend continuation and a sustained recovery potentially establishing a higher swing low.

Natural gas price remains under negative pressure, having recently recorded a sharp decline and settling near $2.730, breaking below the additional support level at $2.820.

Continued trading below the broken support will force the price to maintain its bearish attempts, renewing pressure on the support level at $2.620, which serves as the key level for confirming the overall direction of upcoming trading.

The expected trading range for today is between $2.620 and $2.900

Trend forecast: Fluctuating 

GBPJPY surged to 211.98, approaching the main resistance barrier at 212.10, before quickly reversing toward 211.20, confirming its continued commitment to the main bearish trend.

The main indicators are aligned in supporting the bearish outlook, as the 55-period moving average remains near the main resistance barrier. This favors further downside attempts, potentially targeting 210.40 and 209.60. However, a successful breakout above the main resistance could trigger a strong bullish rally toward several positive targets, starting at 212.65 and extending to 213.25.

The expected trading range for today is between 210.40 and 212.00

Trend forecast: Bearish

December natural gas futures are selling off hard for the sixth session in a row. The intense selling pressure started with a closing price reversal top at $3.652 on October 14. It accelerated to the downside after the market crossed to the bearish side of the 50-day moving average at $3.474 last Friday.

The main trend is also down according to the daily swing chart. It was reaffirmed earlier today when sellers took out the swing bottom at $3.234. The nearest swing tops are $3.652 and $3.709. The nearest downside target is $2.896.

What to Watch

For November natural gas futures, my bias remains to the downside. It’s being supported by the breakdown under the 50-day moving average and the downtrend on the main swing chart. Counting the October 14 main top at $3.334, the market has been down six-out-of-seven sessions. This means that on Thursday, it will be in the window of time for a closing price reversal bottom. This formation and a subsequent confirmation could soften my bearish outlook.

For December natural gas futures, the breakdown under the 50-day moving average and the breakdown under the swing bottom at $3.234 are providing the best support for my downside bias. Due to the current prolonged break in terms of price and time, on Thursday we will enter the window of time for a closing price reversal bottom. If formed and confirmed, we could see a strong counter-trend rally. This would weaken my outlook slightly.

More Information in our Economic Calendar.

The EURUSD pair continues to fluctuate in its latest intraday trading, as it attempts to gain positive momentum that could help it recover and resume its short-term corrective uptrend. This outlook is supported by the pair’s continued trading above EMA50, as well as the earlier breakout above a major bearish trend line. However, the emergence of a bearish crossover in the relative strength indicators suggests that the pair’s recovery attempts may face temporary obstacles.

Silver is currently trading at $57.37. What is particularly interesting to me on the 1-hour chart is a triangle pattern. This occurs when price is gradually squeezed into a smaller and smaller range, with a falling trendline above and a rising trendline below that gradually converge. Yesterday’s price action toward $58.65 was pushed away from the upper falling trendline.

The first support area grabbing my attention is at $57.39. The next area is at $56.92, the 38.2% Fibonacci level, with the lower rising trendline just below near $56.72. A break below the trendline would break the pattern and open up $56.34. The resistance area I’m watching is $57.86, followed by the upper falling trendline near $58.37 and then $58.70.