Silver is stabilizing on recent intraday gains, approaching the resistance of EMA50. This comes amid the dominance of a short-term downtrend, with price movements alongside a trendline supporting this bearish path, which reduces the chances of a sustained recovery in the near term, the relative strength indicators reached overbought levels, while the price remains below the key resistance level at $71.60, reinforcing negative pressure.

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