Midday update for Gold 16-11-2023
Gold price trades positively to breach 1962.35 level and attempts to hold above it, affected by stochastic positivity, which urges caution from the upcoming trading, as the price needs to trade below this level to keep the bearish trend scenario active, which its next main target located at 1933.30.
On the other hand, we should note that continuing the rise and breaching 1975.00 will stop the expected decline and push the price to turn to rise.
The expected trading range for today is between 1940.00 support and 1975.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 16-11-2023
The GBPUSD pair shows calm negative trades to test 1.2400 barrier, waiting for more decline to achieve our main expected target at 1.2297, to continue suggesting the bearish trend for the rest of the day, which will remain valid unless the price rallied to breach 1.2460 and hold above it.
The expected trading range for today is between 1.2300 support and 1.2450 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 16-11-2023
The EURUSD pair settles below 1.0860 level, to keep the bearish trend scenario active for today, which targets testing 1.0640 as a next main station.
Stochastic positivity interprets the reasons of the current sideways fluctuation, waiting to get negative motive that assist to push the price to achieve the suggested target, reminding you that it is important to hold below 1.0860 to continue the expected decline.
The expected trading range for today is between 1.0750 support and 1.0890 resistance.
The expected trend for today: Bearish
The EURGBP keeps the positivity – Analysis – 16-11-2023
The EURGBP pair kept its positive stability within the minor bullish channel, to notice forming some bullish waves recently and reach 0.8750.
Also, the fluctuation of the MA55 below the bullish channel’s support line at 0.8675 confirms confining trades within the bullish track, to keep our bullish overview that might achieve additional gains soon by reaching 0.8765 followed by attacking 0.8800 resistance line.
The expected trading range for today is between 0.8710 and 0.8765
The expected trend for today: Bullish