Midday update for Silver 04-10-2021

Gold price resumes its negative trades clearly after consolidating below the bearish channel’s resistance, motivated by stochastic negativity, waiting for more decline for the rest of the day to visit 1735.00 mainly, reminding you that the continuation of the bearish wave depends on the price stability below 1770.00.

The GBPUSD pair shows new bullish bias to head towards potential test to the key resistance 1.3600, and as we mentioned this morning, the price needs to hold below this level to keep the bearish trend active, supported by the EMA50 that forms continuous negative pressure against the price, noting that our targets begin by breaking 1.3530 to confirm rallying towards 1.3415.

The EURUSD pair trades positively to breach 1.1605 and attempts to hold above it, which urges caution from the upcoming trading, as confirming the breach will stop the recently suggested negative scenario and leads the price to achieve intraday gains that its targets begin by testing 1.1700 areas.