Silver advanced during its recent intraday trading, benefiting from breaching a major short-term downtrend line, representing a positive technical signal, reflecting a noticeable improvement in price performance and a decline in the selling pressure that had dominated trading in recent periods. The move has strengthened buyer confidence and helped drive the metal toward additional gains.

Silver managed to overcome the negative pressure, with continued positive signals from relative strength indicators, despite their presence in heavily overbought levels, indicating the strength of the current bullish momentum and increase the likelihood of heading toward higher resistance levels in the near term.

Gold kept rising during recent intraday trading, benefiting from ongoing positive signals from relative strength indicators, which sustains bullish momentum and push prices higher, despite these indicators reaching heavily overbought territory, reflecting robust demand and buyers’ ability to maintain control of price action.

Gold overcame the negative pressure by EMA50, marking a positive technical development that strengthens the prospects for a continued corrective recovery in the near term. As the technical outlook improves, the likelihood of extending gains and targeting new resistance levels increases if the metal maintains its positive momentum.

The EURUSD pair rose in its recent fluctuated intraday trading, , affected by a positive technical formation that developed earlier in the short term (double bottom pattern) besides an additional support comes from trading above the EMA50, which acts as dynamic support, as well as from the previous breakout of a major downtrend line.

On the other hand, relative strength indicators remain in heavily overbought territory, limiting further gains as the pair may need to ease some of this overbought condition before extending its upward move.

The pair has confirmed its commitment to the bullish scenario, supported by repeated stability above the 200.40 support level, responding to positive signals from the main indicators, stabilizing near 201.70 and achieving part of the previously suggested gains.

We expect testing 202.15 level, which represents an additional barrier against the upward move. A breakout above this level and stability beyond it would open the way toward further targets located at 202.75 and 203.20 respectively.

The expected trading range for today is between 200.75 and 202.15

Trend forecast: Bullish