Silver declined in its latest intraday trading, preparing to break the key support at $57.00, after offloading its oversold conditions on the relative strength indicators, increasing the chances for breaking this level and targeting new support levels in the near upcoming sessions, especially with the indicators reaching exaggerated overbought levels compared to the price move, as a signal for losing this positive momentum, with the continuation of the negative pressure that comes from its trading below EMA50, with the dominance of the main bearish trend on the short-term basis, and its trading alongside supportive trend line for this path.

Gold declined in its last intraday trading, after recovering some of its previous losses and offloading its oversold conditions on the relative strength indicators, due to the stability of the psychological barrier of $4,000, gaining bullish momentum that helped it to achieve this. The negative pressure remains valid by the trading below EMA50, which reinforces the stability and dominance of the main bearish trend on the short-term basis, especially with its trading alongside supportive trend line for this path, threatening these early profits by a downside rebound if it breaks the near support levels.

The EURUSD pair witnessed limited and cautious gains on its last intraday levels, taking advantage of the stability of 1.1390 support, gaining bullish momentum that helped it recover part of its previous losses, and it managed to offload some of its oversold conditions on the relative strength indicators, opening the way for recording new losses in the upcoming near period, amid the continuation of the negative pressure that comes from its trading below EMA50, affected by surpassing bullish corrective channel’s range on the short-term basis.

CADCHF benefited from its positive stability above the moving average 55, providing a chance for recording several gains, reaching the resistance of the main bearish channel at 0.5765.

The suggested scenario depends on the strength of the current resistance, so the stability below it will push the price to form strong bearish waves, to target 0.5715 level initially, reaching 0.5685, while breaching the resistance and holding above it will confirm its readiness to build bullish trend, to expect its rally gradually to 0.5805 and 0.5840.

The expected trading range for today is between 0.5715 and 0.5765

Trend forecast: Bearish