Gold prices ended yesterday below 1977.25 level, starting today with clear decline to move away from this level, which supports the continuation of the correctional bearish trend, and the way is open to achieve our next target at 1945.20.

Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaking the targeted level will extend the bearish wave to reach 1913.15, while holding below 1977.25 represents key condition to continue the expected decline.

The expected trading range for today is between 1945.00 support and 1977.00 resistance.

The expected trend for today: Bearish

The USDCAD pair hovers around 1.3500 level, keeping its stability below it until now, thus, no change to the expected bearish trend scenario for the upcoming period, which targets 1.3350 as a next main station.

Stochastic overlaps negatively to reinforce the suggested bearish trend, and the price needs to break 1.3470 to add more confirmation to head to the waited target, reminding you that it is important to hold below 1.3500 to continue the expected decline.

The expected trading range for today is between 1.3410 support and 1.3550 resistance.

The expected trend for today: Bearish

The USDJPY pair found solid support at 137.70 level, to lean on this level and rally upwards to resume the main bullish trend, as it trades near the bullish channel’s resistance, to head towards achieving more expected gains in the upcoming period, on its way to visit 140.00 areas as a next main station.

The EMA50 supports the price from below, to reinforce the chances of continuing the rise on the intraday and short term basis, noting that breaking 137.70 will stop the bullish trend and push the price to turn to decline.

The expected trading range for today is between 138.00 support and 139.70 resistance

The expected trend for today: Bullish

The GBPUSD pair shows calm negative trades to move away from 1.2470 level, reinforcing the expectations of continuing the correctional bearish trend, which targets 1.2345 as a next station, reminding you that we suggest the extension of the bearish wave, affected by the head and shoulders’ pattern that its signs appear on the chart, to head towards 1.2240 areas on the near term basis.

Therefore, the bearish trend will remain active for the upcoming period, noting that it is important to hold below 1.2470 and 1.2525 levels to continue the expected decline.

The expected trading range for today is between 1.2350 support and 1.2500 resistance.

The expected trend for today: Bearish