Silver Price Analysis

Expected Scenario

• Silver price traded with strong negativity in the previous sessions to break 31.00$ and reach the thresholds of the waited target at 30.06$, which represents 38.2% Fibonacci correction level for the rise measured from 26.12$ to 32.50$, and we believe that the way is open to visit 29.30$ followed by 28.55$ levels as next negative targets.
• Therefore, the bearish trend will remain suggested on the intraday and short-term basis, noting that breaching 31.00$ will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.

Expected Trading Range

Between 29.80$ support and 30.80$ resistance.

Gold Price Analysis

Expected Scenario

• Gold price is testing the neckline of the head and shoulders’ pattern that appears on the chart, waiting to break this level at 2317.40$ to activate the negative effect of the mentioned pattern followed by rallying to achieve bearish correction that its targets begin at 2272.05$ and extend to 2217.10$.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by negative pressure formed by the EMA50, reminding you that the continuation of the bearish wave depends on the price stability below 2340.10$ and the most important below 2360.00$.

Expected Trading Range

Between 2300.00$ support and 2340.00$ resistance.

USDCAD Price Analysis

Expected Scenario

• The USDCAD price couldn’t manage to hold for long time above 1.3690$, as it broke this level strongly to return to the correctional bearish track again, approaching 38.2% Fibonacci level at 1.3590$, and we suggest breaking this level to achieve additional negative targets that start at 1.3510$ and extend to 1.3435$.
• Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallied to breach 1.3690$ and hold above it.

Expected Trading Range

Between 1.3550$ support and 1.3690$ resistance.

USDJPY Price Analysis

Expected Scenario

• The USDJPY price shows sideways trades in the previous sessions, moving around the EMA50 that provides the positive support to the price, thus, no change to the expected bullish trend scenario on the intraday and short-term basis, which targets 160.20 areas mainly, reminding you that breaking 156.60 will push the price to suffer intraday losses and test the key support 155.50 before any new positive attempt.

Expected Trading Range

Between 156.50 support and 158.20 resistance.