Silver prices moved lower in recent intraday trading, amid emerging negative signals from the relative strength indicators after reaching overbought territory. The price has now retreated to test support at the EMA50, representing a final opportunity to gain positive momentum that could help the metal recover and resume its upward movement. This comes after silver previously benefited from breaking above a major short-term bearish trend line.

Gold prices slipped lower during recent intraday trading, erasing all the gains achieved earlier in the day. The metal had initially gained positive momentum after finding support at the EMA50, but this bullish momentum appears to have faded quickly, allowing negative pressure to return to the forefront. This comes amid negative signals from the relative strength indicators and under the dominance of the main short-term bearish trend.

The EURUSD pair extended its losses during recent intraday trading, breaking below the key support level of 1.1500. The pair remains under the control of a short-term bearish trend, with additional negative pressure coming from trading below EMA50, which continues to reinforce the downside bias. Negative signals from the relative strength indicators also support the bearish outlook, despite the indicators reaching deeply oversold levels.

The EURGBP pair ended yesterday’s trading by breaking above the resistance of the descending minor channel at 0.8640, attempting to confirm its transition into a bullish path. The pair recorded some gains, reaching the 0.8660 level.

The price needs to maintain new positive closes above the broken resistance level, which would allow it to benefit from the positive signals of the Stochastic indicator and target further bullish levels, starting at 0.8685 and then 0.8710 respectively.

The expected trading range for today is between 0.8645 and 0.8710

Trend forecast: Bullish