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Silver price under the negative pressure - Forecast today - 05-08-2024

Economies.com
2024-08-05 04:16AM UTC

Silver price ended last Friday exactly at 28.55$, facing contradiction between the technical indicators that makes us prefer to stay aside until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly.

 

Note that consolidating above 28.55$ will reactivate the positive scenario that targets 29.30$ followed by 30.06$ levels initially, while confirming breaking it and holding below it will push the price to decline towards 27.62$ on the near-term basis.

 

The expected trading range for today is between 28.00$ support and 29.00$ resistance.

 

Trend forecast: Neutral

Gold price gathers the positive momentum – Forecast today - 05-08-2024

Economies.com
2024-08-05 04:16AM UTC

Gold price faced clear negative pressures in the previous sessions to test the EMA50 that formed good support against the price, to start rising again, on its way to test 2483.40$ that represents our first target, which breaching it represents the key to visit 2500.00$ direct.

 

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 2420.00$ will stop the expected rise and put the price under negative pressure that its targets begin by testing 2385.00$ and might extend to 2324.55$ in case breaking the previous level.

 

The expected trading range for today is between 2430.00$ support and 2470.00$ resistance.

 

Trend forecast: Bullish

The USDCAD price consolidates above the support – Forecast today - 05-08-2024

Economies.com
2024-08-05 04:15AM UTC

The USDCAD price settles above the bullish channel’s support line, getting good support by the EMA50, waiting to continue the rise to achieve our positive targets that start at 1.3900$ followed by 1.3977$.

 

Consolidating above 1.3845 is important to achieve the suggested targets, as breaking it will push the price to achieve new bearish correction before turning back to rise again.

 

The expected trading range for today is between 1.3800$ support and 1.3940$ resistance.

 

Trend forecast: Bullish

The USDJPY price hits the extended targets – Forecast today - 05-08-2024

Economies.com
2024-08-05 04:15AM UTC

The USDJPY price bounced downwards strongly after testing 151.10 areas, to surpass our first negative target at 146.50 and reach the second target at 145.35, noticing that the price begins today with additional decline to break this level and open the way to achieve more decline on the short-term and medium-term basis, noting that the next negative stations reach 143.40 followed b 142.00.

 

The negative pressure formed by the EMA50 supports the continuation of the suggested negative scenario, noting that failing to confirm breaking 145.35 will lead the price to start recovery attempts and achieve gains that start at 146.50 followed by 148.53.

 

The expected trading range for today is between 144.00 support and 145.90 resistance

 

Trend forecast: Bearish

Frequently asked questions

What is the price of Silver today?

The price of Silver is $37.913 (2025-08-06 22:55PM UTC)