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Silver price begins with clear positivity - Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09 UTC
Silver Price Analysis
Expected Scenarios
- Silver price opens today’s trading with clear rise to test the key resistance 26.90$, which urges caution from the upcoming trading, as the price needs to hold below this level to keep the intraday bearish trend scenario active, which targets testing 26.00$ initially.
- The EMA50 meets the mentioned resistance to add more strength to it and protect the suggested negative scenario, which its targets extend to 25.15$ after surpassing the previous level, taking into consideration that breaching 26.90$ followed by 27.30$ levels will stop the bearish wave and lead the price to turn to rise.
Trading Range for Today
- Support: 26.40$
- Resistance: 27.20$
Trend forecast: Bearish
Gold price around the moving average – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09 UTC
Gold Price Analysis
Expected Scenarios
- Gold price shows some slight bullish bias to test the EMA50 that forms good resistance against the price, to protect the correctional bearish scenario and support the chances of resuming the decline in the upcoming sessions, waiting to visit 2260.60$ as a next main target.
- Therefore, we will continue to suggest the bearish trend on the intraday basis conditioned by the price stability below 2325.90$, as breaching this level represents the key to escape the correctional bearish track and head to return to the main bullish track again.
Trading Range for Today
- Support: 2285.00$
- Resistance: 2325.00$
Trend forecast: Bearish
The USDCAD price touches the first target – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09 UTC
USDCAD Price Analysis
Expected Scenarios
- The USDCAD price managed to touch our first target at 1.3620$ and found solid support there, to show some bullish bias and test the EMA50 that forms good resistance that meets 1.3705$ level, accompanied by stochastic loss to the positive momentum clearly and reach the overbought areas.
- Therefore, these factors encourage us to suggest the bearish rebound in the upcoming sessions to resume the bearish wave that its next target reaches 1.3565$, noting that breaching 1.3760$ will lead the price to resume the main bullish trend within the bullish channel that appears on the chart, to head towards testing 1.3845$ initially.
Trading Range for Today
- Support: 1.3600$
- Resistance: 1.3740$
Trend forecast: Bearish
The USDJPY price leans on the support – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:08 UTC
USDJPY Price Analysis
Expected Scenarios
- The USDJPY price provided additional negative trades in the previous sessions to reach the bullish channel’s support line that appears on the chart, noticing that the price bounced bullishly from there, and according to the trading rules inside the channels, the price is on its way to resume the bullish trend within the mentioned channel, targeting testing 155.50 initially, noting that breaching it will the price towards 157.90 as a next positive station.
- Therefore, the bullish bias will be suggested in the upcoming sessions, supported by the RSI positivity, noting that breaking 152.60 followed by 151.75 levels will stop the expected rise and push the price to achieve additional bearish correction that its next target reaches 150.22.
Trading Range for Today
- Support: 153.00
- Resistance: 154.80
Trend forecast: Bullish