Silver Price Analysis

Silver price tested the key support formed at 24.85$ after breaching it previously and bounced bullishly from there. This keeps the bullish trend scenario valid and active, supported by the EMA50 that carries the price from below. It is worth noting that stochastic approaches to overlap positively to motivate the price to provide more positive trades.

Our waited targets begin at 25.50$ and extend to 26.07$, noting that it is important to hold above 24.85$ to continue the expected rise.

Trading Range Forecast

The expected trading range for today is between 24.85$ support and 25.60$ resistance.

Trend forecast: Bullish

Gold Price Analysis

Gold price returns to rise after approaching the key support at 2222.86$. It needs to surpass the key resistance at 2260.00$ to reinforce the expectations of continuing the bullish trend within the bullish channel that appears on the chart. This supports the chances of targeting 2300.00$ as a next positive station.

We will continue to suggest the bullish trend for the upcoming period. However, breaking 2222.86$ followed by 2202.00$ levels will stop the bullish wave and push the price to start a bearish correction on the intraday basis.

Trading Range Forecast

The expected trading range for today is between 2235.00$ support and 2270.00$ resistance.

Trend forecast: Bullish

Market Analysis for USDCAD Price

• The USDCAD price bounced upwards after approaching the 1.3505$ level, entering a sideways track represented by the support and 1.3606$ resistance.
• The sideways movement is suggested on the intraday basis until the price manages to surpass one of these levels.
• Breaking the support will lead to a new bearish correction, targeting 1.3440$, while breaching the resistance is crucial to resume the main bullish trend and achieve gains starting at 1.3700$.

The expected trading range for today is between 1.3500$ support and 1.3640$ resistance.

Trend forecast: Sideways

Market Analysis for USDJPY Price

• The recent trades of USDJPY price are confined within an ascending triangle pattern, evident on the chart.
• The price needs to breach 151.81 to activate the positive effect of this pattern, targeting the next main level at 153.00.
• The bullish trend scenario remains valid, with a note that breaking 151.25 will halt the expected rise and trigger a bearish correction on the intraday basis.

The expected trading range for today is between 151.00 support and 152.50 resistance.

Trend forecast: Bullish