Crude oil prices reinforced its strong gains during recent intraday trading, supported by the emergence of the positive signals from the relative strength indicators, after offloading its overbought conditions, opening the way for achieving these gains, surpassing the resistance of its EMA50, to get rid of its negative pressure to attack minor bearish trend line on the short-term basis.

Gold prices declined during recent intraday trading, keeping the main bearish trend valid in the short-term basis, with its trading alongside supportive trend line for this path, to surpass the support of its EMA50, end the hopes of continuing its recovery on the near period, especially with the emergence of the negative signals from the relative strength indicators, after reaching overbought levels.

The EURUSD pair witnessed sharp losses during its latest intraday trading, affected by the stability of the solid resistance level at 1.1660, with the emergence of negative signals from the relative strength indicators, after offloading its oversold conditions, to surpass the support of its EMA50, which increases the negative pressure and reinforces the likelihoods of deepening these losses in the upcoming near period.

XRP (XRPUSD) price continued to decline in its latest intraday trading, breaking below the key support level at $1.2755, which is a clear indication of the strength of the negative pressure surrounding the cryptocurrency. This comes amid the dominance of the main bearish trend in the short term, with the price moving alongside a trend line supporting this path, while continued trading below its 50-day SMA maintains negative pressure and reduces the chances of a full recovery in the near term. In addition, negative signals continue to emerge from the Stochastic indicators despite their stability in deeply oversold territory.

Therefore we expect the digital currency price to decline in its upcoming intraday trading, especially as long as it remains below the $1.2755 level, targeting the next support level at $1.2020.

Today’s price forecast: Bearish.