Silver Price Analysis

Silver price faces negative pressure to break 24.60$ level and settles below it, to achieve bearish correction for the rise that started from 21.92$ areas, as it moves near 38.2% Fibonacci correction level that forms key support at 24.30$, facing negative pressure formed by the EAM50 that supports the chances of achieving more bearish correction in the upcoming sessions.

On the other hand, we notice that stochastic shows positive signals that might protect the price from suffering more losses and push to regain the bullish trend again.

• The contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 24.30$ support will push the price to target 23.85$ followed by 23.40$ levels as next correctional targets, while breaching 24.85$ resistance represents the key to return to the bullish track and achieve gains that start at 25.50$ and extend to 26.07$.

The expected trading range for today is between 24.00$ support and 24.90$ resistance.

Trend forecast: Neutral

Gold Price Analysis

Gold price settles around 2175.00$ after the rise that it witnessed yesterday, waiting to resume the bullish wave that targets 2222.86$ as a next main station, as the price is getting continuous positive support by the EMA50, besides stochastic move near the oversold areas.

• Holding above 2166.50$ is important to the continuation of the expected rise, as breaking it represents the key to achieve new bearish correction that its next target reaches 2131.70$ areas.

The expected trading range for today is between 2160.00$ support and 2195.00$ resistance.

Trend forecast: Bullish

USDCAD Price Analysis

The USDCAD price tested the support line formed by the EMA50 and bounced bullishly from there, to keep the bullish trend scenario valid for the upcoming period, supported by stochastic positivity, waiting to breach 1.3606$ to confirm opening the way to visit 1.3700$ as a next target.

• We expect to witness more rise in the upcoming sessions, noting that breaking 1.3555 will force the price to achieve additional decline and test the key support 1.3505$ before any new attempt to rise.

The expected trading range for today is between 1.3540$ support and 1.3660$ resistance.

Trend forecast: Bullish

USDJPY Price Analysis

The USDJPY price managed to breach the bullish pennant pattern and settles above it now, to activate the positive effect of this pattern and get positive motive that supports the expectations to rise in the upcoming sessions, waiting to breach 151.81 to confirm heading towards 153.00 that represent sour next target.

• The bullish trend scenario will remain valid on the intraday and short-term basis, reminding you that breaking 151.10 will put the price under negative pressure that its targets start by testing 150.55 areas.

The expected trading range for today is between 150.80 support and 152.30 resistance.

Trend forecast: Bullish