Silver price fluctuated in its recent intraday trading, affected by testing the resistance of its EMA50, forcing the price to halt the strong gains achieved earlier. The metal is now attempting to gain positive momentum that could help it overcome this negative pressure, while also trying to ease some of its overbought conditions on the relative strength indicators after forming a negative divergence as those indicators reached excessively overbought levels compared to price movement, with negative signals beginning to emerge.

Gold price moved higher in its recent intraday trading, breaching its EMA50, eliminating the negative pressure that had weighed on the price, which led to a breakout above a short-term minor bearish trendline, signaling the price’s determination to continue rising in the near term.

On the other hand, we notice the beginning of a negative crossover on the relative strength indicators after reaching heavily overbought levels, which may temporarily limit further gains as the market needs to ease some of this overbought condition before resuming its upward movement.

The EURUSD pair fluctuated in its recent intraday movements, retreating under pressure from the firm key resistance level at 1.1660, as the pair attempts to gain positive momentum that could help it breach this resistance. At the same time, it is trying to ease some of its clear overbought conditions on the relative strength indicators, especially as negative signals have started to emerge from them. The pair found support at its EMA50, which provided some positive momentum that helped it rebound and create this state of volatility.

The CHFJPY benefited from the repeated positive stability above the support at 200.55, allowing it to form several bullish waves near 213.15, which is currently acting as a key barrier to the bullish scenario.

As the main indicators continue to provide positive momentum, we expect the pair to breach the current barrier and confirm its readiness to post further gains, initially targeting 203.88 and then the next key level near 204.70.

The expected trading range for today is between 203.88 and 202.90

Trend forecast: Bullish