Silver price surged sharply during its latest intraday trading after managing to ease some of its clear overbought conditions shown by the relative strength indicators, giving the price more room to strongly extend its gains. The price is now preparing to challenge the current resistance level at $80.70, which was one of our target levels in previous analysis. This comes amid the dominance of a short-term bullish corrective trend, along with continued positive pressure from trading above its EMA50, increasing the chances of breaking above this resistance.

Gold rose during its recent short-term trading, breaking above the current resistance level of $4,700. The price remains supported by continued trading above EMA50. This latest rise came despite negative signals emerging from the relative strength indicators, as the market attempts to ease its overbought conditions. However, this has not negatively affected price movement as expected, clearly reflecting the strength of the positive momentum surrounding the price.

The EURUSD pair rose in its last intraday trading, with the beginning of positive overlapping signals emergence on the relative strength indicators, after offloading its overbought condition, opening the way for extending the gains in the near upcoming period, amid the continuation of the dynamic support that is represented by its trading above EMA50, with the dominance of the main bullish trend on short-term basis, and its trading alongside supportive trend line for this path.

The CADCHF kept its negative stability below the barrier at 0.5780, affected by stochastic negativity, forming some bearish waves, to settle below the moving average 55 by reaching 0.5700.

We expect forming a new bearish trend in the current period, to attempt to reach 0.5655 level, to repeat the pressure on the support at 0.5590, to find an exit for resuming the negative trend in the upcoming period trading.

The expected trading range for today is between 0.5650 and 0.5750

Trend forecast: Bearish