Silver price still confined – Analysis - 18-12-2019

Gold price keeps moving within tight range, therefore, the bearish trend scenario will remain valid as it is without any change, organized within the bearish correctional channel that appears in the above chart, depending on the stability below 1489.00, pointing that breaking 1461.00 will ease the mission of achieving our negative targets that begin at 1447.00 and extend to 1413.10.

The USDCAD pair keeps fluctuating near 1.3155 level and attempts to break it, getting a continuous support from the EMA50 that keeps pressing negatively on the price, to keep our bearish trend expectations that target 1.3015 levels mainly, reminding you that the continuation of the bearish wave is conditioned by holding below 1.3240 and the most important below 1.3295.

The USDJPY pair shows sideways trading and approaches from testing 109.33 level now, accompanied with stochastic reach to the oversold levels, which supports the chances for resuming the bullish trend in the upcoming period, targeting 110.50 levels mainly, being aware that breaking 109.33 will put the price under a negative pressure that targets testing 108.40 level initially.