Gold prices slipped lower during recent intraday trading, erasing all the gains achieved earlier in the day. The metal had initially gained positive momentum after finding support at the EMA50, but this bullish momentum appears to have faded quickly, allowing negative pressure to return to the forefront. This comes amid negative signals from the relative strength indicators and under the dominance of the main short-term bearish trend.

The EURUSD pair extended its losses during recent intraday trading, breaking below the key support level of 1.1500. The pair remains under the control of a short-term bearish trend, with additional negative pressure coming from trading below EMA50, which continues to reinforce the downside bias. Negative signals from the relative strength indicators also support the bearish outlook, despite the indicators reaching deeply oversold levels.

The EURGBP pair ended yesterday’s trading by breaking above the resistance of the descending minor channel at 0.8640, attempting to confirm its transition into a bullish path. The pair recorded some gains, reaching the 0.8660 level.

The price needs to maintain new positive closes above the broken resistance level, which would allow it to benefit from the positive signals of the Stochastic indicator and target further bullish levels, starting at 0.8685 and then 0.8710 respectively.

The expected trading range for today is between 0.8645 and 0.8710

Trend forecast: Bullish

The pair’s price did not hold for long above the firm barrier at 185.80, affected by the negative US data, which forced it to postpone the bullish attack and form negative corrective waves, targeting the 184.60 level.

We highlight the importance of maintaining trading above the additional support level located at 184.20, as this would enhance the chances of the price renewing its bullish attempts by moving soon toward 185.50 and then resuming pressure on the previously mentioned barrier. However, a decline below the support and a negative close would force the price to incur additional losses, initially moving toward 183.55.

The expected trading range for today is between 184.35 and 185.80

Trend forecast: Bullish