Forecast update for crude oil -05-08-2026

A. O. Smith Corporation (AOS) surged higher in recent intraday trading after previously finding support at its 50-day Simple Moving Average (SMA), allowing the stock to regain positive momentum and post strong gains. The rally came after the stock successfully worked off its overbought conditions on the momentum indicators, with a bullish crossover now beginning to emerge, further strengthening the positive technical outlook. In addition, price action continues to move alongside a short-term bullish corrective trendline that reinforces the prevailing upward bias.

Silver price rose higher in its latest intraday trading, breaching the key resistance at $60.85, which was expected target in our previous analysis, amid the dominance of bullish corrective wave on the short-term basis, with the continuation of the positive support that comes from its trading above EMA50, reinforcing the chances of extending these gains in the near upcoming period, especially with the emergence of the positive signals from the relative strength indicators, despite its stability in overbought levels.

Gold price surged higher in recent intraday trading, breaching $4,1000 resistance level, benefiting from the dynamic support that comes from its trading above EMA50, reinforcing the stability and dominance of the bullish corrective trend on the short-term basis, on the other hand, we notice that the relative strength indicators entered overbought levels, which might reduce the pace of the price rise. In the near upcoming period.