Silver resumed its decline during the latest intraday trading sessions after attempting, in early trading today, to ease oversold conditions on the relative strength indicators, This comes amid the dominance of the main short-term bearish trend, while negative and dynamic pressure continues as the price trades below EMA50, increasing downside pressure and strengthening the likelihood of deeper losses in the near term.

Gold declined in its latest intraday trading, amid continued negative pressure resulting from trading below EMA50, limiting the chances of a full recovery in the near term. This comes as the main short-term bearish trend remains dominant, with price movements continuing along a trendline that supports this downward path.

On the other hand, a positive crossover is beginning to appear on the relative strength indicators after reaching deeply oversold levels, which may help the price stabilize temporarily.

The EURUSD pair moved higher in its latest intraday trading after finding support at the 1.1430 level, which was our targeted support level earlier today. The pair is attempting to recover part of its previous losses while also easing oversold conditions on the relative strength indicators, particularly as positive signals continue to emerge from the indicators. This comes despite the prevailing short-term bearish trend.

The GBPAUD pair failed to maintain stability above the breached descending channel resistance at 1.8915. Influenced by negative signals from the major indicators, the pair formed strong bearish waves, leading it to settle near 1.8825, as shown on the accompanying chart.

Continued fluctuation below the current resistance, along with the Stochastic indicator moving toward the oversold region, is expected to reinforce the bearish scenario in the near term. As a result, the pair may incur further losses, targeting 1.8775 initially and then 1.8725.

The expected trading range for today is between 1.8775 and 1.8880

Trend forecast: Bearish