Gold price tested the EMA50 and kept its stability below it, to start providing negative trades that hint heading to resume the intraday bearish trend, waiting to surpass 2600.00$ barrier to reinforce the chances of targeting 2555.00$ that represents our next negative station.

Therefore, we will continue to suggest the bearish trend for the upcoming period, reminding you that breaching 2640.00$ will stop the expected decline and push the price to build new bullish wave that its targets begin at 2675.00$ and extend to 2706.00$.

The expected trading range for today is between 2595.00$ support and 2635.00$ resistance.

Trend forecast: Bearish

The USDCAD price provided clear positive trades yesterday to attempt to breach the bullish channel’s resistance line, but it returned to decline and hold below it, to keep the bearish trend scenario valid on the intraday basis, and the targets begin by breaking 1.4350$ to confirm opening the way to head towards 1.4220$ mainly.

On the other hand, we should note that breaching 1.4405$ and holding above it will stop the expected bearish trend and push the price to regain the main bullish trend again.

The expected trading range for today is between 1.4310$ support and 1.4430$ resistance

Trend forecast: Bearish

The USDJPY price rallied upwards clearly yesterday to surpass 157.00 barrier and settle above it, to hint stopping the correctional bearish scenario suggested in our last report and head to resume the main bullish trend, on its way to test the recently recorded high at 157.92 initially, noting that breaching this level will push the price to visit 160.00 barrier on the near term basis.

Therefore, we expect to witness positive trades in the upcoming sessions unless breaking 156.70 and holding below it.

The expected trading range for today is between 156.50 support and 158.00 resistance

Trend forecast: Bullish

The GBPUSD price bounced bearishly after retesting the broken neckline of the head and shoulders’ pattern, to resume the expected bearish trend on the intraday and short-term basis, on its way to achieve negative targets that reach 1.2400$.

Therefore, we are waiting for more expected decline in the upcoming period, noting that breaching 1.2605$ will push the price to turn to rise and build bullish wave that targets 1.2735$ initially.

The expected trading range for today is between 1.2450$ support and 1.2590$ resistance

Trend forecast: Bearish