Silver price slipped lower during its recent intraday trading, as the price moved to take profits from its previous gains and attempt to regain positive momentum that could help it recover and rise again. At the same time, it is also trying to ease its overbought condition on the relative strength indicators, especially with emerging negative signals. This comes amid continued positive pressure from trading above the EMA50, which reinforces the stability and dominance of the main bullish trend in the short term.

Gold declined in its recent intraday trading, amid the emergence of negative signals from the relative strength indicators after reaching overbought levels, to attempt to offload this overbought conditions and gaining bullish momentum that might help it to recover and rise again, amid the dominance of the bullish trend on the short-term basis, with the continuation of the positive and dynamic support that is represented by its trading above EMA50, reinforcing the recovery chances in the upcoming near period.

The EURUSD pair declined in its last intraday trading, amid its attempts to gain bullish momentum that might help it to recover and rise again, leaning on EMA50’s support, as a strong chance for gaining this momentum, especially with the dominance of the main bullish trend on the short-term basis, with its trading alongside supportive trend line for this path, with the relative strength indicators reaching exaggerated oversold levels compared to the price move.

Despite the weakness of the EURGBP trading, but its stability below the main bearish channel’s resistance at 0.8685 supports the previously suggested negative scenario. The current sideways trading is caused by the contradiction of the main indicators, specifically by stochastic surpass to 50 level as appears in the above image.

We will keep waiting for gathering extra negative momentum to ease the mission of reaching 0.8610 level and surpassing it will make it begin to target more negative stations by reaching 0.8592 and 0.8565, while breaching the resistance and holding above it will cancel the negative scenario, to begin forming strong bullish waves, to expect reaching 0.8710 and 0.8735. 

The expected trading range for today is between 0.8595 and 0.8675

Trend forecast: Bearish