Price Analysis: Silver

Expected Scenario

• Silver price shows more bullish bias to approach the key resistance at 31.00$. The EMA50 meets this level to add more strength to it, while stochastic begins to provide clear negative signals now.
• Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period. The targets begin by breaking 30.06$ to confirm opening the way to head towards 29.30$ as a next negative station, reminding you that holding below 31.00$ represents a major condition for the continuation of the expected decline.

Expected Trading Range

Between 30.00$ support and 31.00$ resistance.

Price Analysis: Gold

Expected Scenario

• Gold price settles above the 2340.10$ level, while the EMA50 forms continuous negative pressure against the price. Stochastic loses its positive momentum clearly to start overlapping negatively now, waiting to motivate the price to resume the negative trades and head to break the neckline of the head and shoulders’ pattern at 2318.50$, followed by rallying to achieve bearish correction with targets starting at 2272.06$ and extending to 2217.10$.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, reminding you that breaching 2360.00$ will stop the expected bearish correction and lead the price to resume the main bullish trend again.

Expected Trading Range

Between 2320.00$ support and 2360.00$ resistance.

Price Analysis: USDCAD

Expected Scenario

• The USDCAD price shows sideways trades since yesterday, settling below the EMA50 that forms negative pressure against the price, waiting to resume the negative trades and break 1.3590$ to open the way to achieve more bearish correction that its next targets reach 1.3510$ followed by 1.3435$.
• Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.3690$ will stop the expected decline and lead the price to return to the main bullish track again.

Expected Trading Range

Between 1.3550$ support and 1.3690$ resistance.

Price Analysis: USDJPY

Expected Scenario

• The USDJPY price faced clear negative pressure yesterday to break 156.60 level and settle below it, to complete forming minor double top pattern that we expect to push the price to achieve more decline in the upcoming sessions, to target testing 155.50 mainly.
• Note that the expected decline is temporary, waiting to resume the main bullish trend within the bullish channel that appears on the chart, taking into consideration that surpassing the mentioned target will push the price to suffer more losses and achieve new bearish correction, while breaching 156.60 will stop the expected decline and lead the price to resume the main bullish track again.

Expected Trading Range

Between 155.50 support and 157.00 resistance.