Gold rose during its latest intraday trading, supported by positive signals from the relatives Index indicators, after previously easing some of its overbought conditions. The price managed to stabilize again above the key resistance level of $4,500 but faced renewed pressure from EMA50, which capped recent gains and may threaten further rise in the near term, especially with the dominance of the short-term main bearish trend.

The EURUSD pair declined during its latest intraday trading, erasing all of its earlier gains for the day, supported by the stability of 1.1485 support. This level had provided the pair with some positive momentum, but the price is now attempting to break below it, amid the dominance of the main short-term downtrend, with continued negative and dynamic pressure as the pair trades below EMA50, increasing the overall downside pressure.

The JPYCAD kept its negative stability below 1.8515 resistance, reaching below the moving average 55, to confirm its surrender to the dominance of the bearish bias, to settle near 1.8420.

Stochastic exit from the overbought level will increase the negative pressure for today’s trading, preferring more of the negative attempts, which will target 1.8365 and 1.8325 level.

The expected trading range for today is between 1.8365 and 1.8455

Trend forecast: Bearish

The EURJPY pair attempted to record some extra gains by reaching 184.65 level, but its decline since the opening of this morning below 184.20 will force it to delay the bullish attempts in the current period, increasing the chances of forming new bearish waves, attempting to reach 183.65 and 183.35.

Providing negative momentum by stochastic stability confirms delaying the bullish attempts, to keep waiting for reaching the previously negative stations. 

The expected trading range for today is between 183.35 and 184.35

Trend forecast: Bearish