Silver price under the negative pressure - Analysis - 31-05-2022
Silver price opens today negatively to press on 21.83 level, while stochastic shows positive signals that keep the chances valid to continue the expected bullish trend for the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, waiting to resume the rise to visit 22.67 as a next main target.
Note that the continuation of the negative pressure and breaking 21.60 will stop the positive effect of the mentioned pattern and press on the price to return to the main bearihs track again.
The expected trading range for today is between 21.60 support and 22.30 resistance.
The expected trend for today: Bullish
Gold price returns to test the support – Analysis - 31-05-2022
Gold price returns to test the first key support at 1850.00, keeping its stability above it until now, as the EMA50 meets this support to add more strength to it, to support the expectations of continuing the bullish trend, waiting to visit 1890.00 as a next main target.
Stochastic gathers the positive momentum again to reinforce the positive expectations, which will remain valid unless breaking 1850.00 followed by 1838.10 levels and holding below them.
The expected trading range for today is between 1840.00 support and 1875.00 resistance.
The expected trend for today: Bullish
The USDCAD breaks the support – Analysis - 31-05-2022
The USDCAD pair managed to break 1.2695 level and hold below it, reinforcing the expectations of extending the correctional bearish wave, which targets 1.2605 as a next station.
The EMA50 continues to support the suggested bearish wave, noting that breaching 1.2695 and holding above it will provide initial positive motive to attempt to regain the main bullish trend again.
The expected trading range for today is between 1.2600 support and 1.2720 resistance.
The expected trend for today: Bearish
The USDJPY is recovering – Analysis - 31-05-2022
The USDJPY pair breached 127.40 level clearly and settled above it, starting today with additional rise to move away from the mentioned level, to stop the recently suggested correctional bearish scenario and head to resume the main bullish trend again, on its way to achieve gains that start at 130.00 and extend to 131.35.
Therefore, we expect to witness more rise in the upcoming sessions unless breaking 127.40 and hold below it again.
The expected trading range for today is between 127.60 support and 128.80 resistance
The expected trend for today: Bullish