Silver strengthened its early gains in recent intraday trading, retesting the key resistance level at $70.00. This comes despite the dominance of a short-term bearish trend, with price movements aligned alongside a minor downward trendline supporting this direction.

The price continues to face negative pressure as it trades below EMA50, increasing bearish pressure, reinforced by the formation of a negative divergence on the relative strength indicator, after reaching heavily overbought levels compared to price movement, besides the emergence of negative signals.

Gold prices rose during recent intraday trading, despite the formation of a negative divergence in the relative strength indicators along with emerging negative signals. This comes under the dominance of a short-term bearish corrective trend, which is reinforced by the price continuing to trade below EMA50. This performance reflects the market’s search for its next direction, especially with the key support level at $4,200 holding firm.

The EURUSD pair is experiencing sideways and volatile intraday trading, attempting to build positive momentum that could support a recovery and a renewed upward move. At the same time, the pair is trying to ease its overbought condition on the relative strength indicators, especially as negative signals begin to appear.

Despite this, the price continues to benefit from dynamic support by trading above its 50-period simple moving average, which strengthens the ongoing short-term bullish corrective wave.

The GBPCAD ended the bullish corrective rebound by facing the resistance level at 1.8490, to form a strong obstacle against the attempt of resuming the bullish scenario, forcing it to provide sideways fluctuations near 1.8425.

Note that the stability of the moving average 55 above the current trading that might support the chances of renewing the negative attempts, which might target 1.8330 level reaching 1.8220, while the price success in breaching the resistance and holding above it will confirm its readiness to form strong bullish rally, to begin recording big gains that begin at 1.8550 and 1.8640.

The expected trading range for today is between 1.8330 and 1.8500

Trend forecast: Bearish