Midday update for Silver 26-05-2023
Silver price shows clear positive trades, to breach 23.00 level and attempts to hold above it, which urges caution from the upcoming trading, as confirming breaching this level represents positive factor that will stop the recently suggested negative scenario and push the price to visit 23.70 level mainly.
The EMA50 continues to press negatively on the price to support the chances of continuing the bearish trend in the upcoming sessions, waiting to break 23.00 again to revive the bearish trend scenario that its next target located at 22.25.
The expected trading range for today is between 22.30 support and 23.10 resistance.
The expected trend for today: Bearish
Midday update for Gold 26-05-2023
Gold prices trades positively to move away from 1945.20 level, and tests minor resistance line located at 1954.00 after breaking it previously, to form protection factor to the continuation of the expected bearish trend for today, which its targets begin by breaking 1945.20 to open the way to head towards 1913.15 as a next correctional target.
On the other hand, we should note that surpassing 1954.00 will push the price to achieve additional gains that reach 1977.25 before any new attempt to decline.
The expected trading range for today is between 1925.00 support and 1960.00 resistance.
The expected trend for today: Bearish
Midday update for the GBPUSD 26-05-2023
The GBPUSD pair shows positive trades to attempt to breach 1.2345 level, affected by stochastic positivity, and the price needs to hold below this level to keep the correctional bearish trend valid for today, which targets 1.2240 as a next main station.
On the other hand, we should note that confirming breaching 1.2345 will stop the bearish wave and push the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 1.2240 support and 1.2390 resistance.
The expected trend for today: Bearish
Midday update for the EURUSD 26-05-2023
The EURUSD pair provides additional positive trades to approach the correctional bearish channel’s resistance at 1.0750, and as we mentioned this morning, the price needs to consolidate below this resistance to keep the bearish trend scenario active, supported by stochastic loss to the positive momentum clearly, waiting to trade below 1.0730 again to reinforce the chances of resuming the bearish wave that its next target located at 1.0650.
On the other hand, we should note that breaching 1.0750 will push the price to turn to rise in the upcoming sessions to head towards 1.0795 as a first positive station.
The expected trading range for today is between 1.0640 support and 1.0800 resistance.
The expected trend for today: Bearish