Silver price rose slightly in its recent intraday trading after suffering sharp losses during the early movements of today’s session, affected by reaching the resistance of EMA50, accompanied by the stability of the $78.35 resistance level. This forced the price to decline to gain positive momentum that could help it overcome these negative pressures, while the main bullish trend remains dominant in the short term, supported by movement alongside an ascending trend line. In addition, a positive divergence is beginning to form on the relative strength indicators after reaching heavily oversold levels compared to the price movement, along with the emergence of a positive crossover.

Gold price remains under pressure and continues its recent losing streak during its latest intraday trading, affected by the ongoing negative pressure caused by trading below EMA50, which previously limited the price’s recovery attempts. The price is currently leaning on the support of a minor ascending trend line on the intraday timeframe, giving it some positive momentum that helped it stabilize, especially as a positive crossover begins to appear on the relative strength indicators after reaching heavily oversold levels compared to the price movement, suggesting the formation of a positive divergence.

The EURUSD pair rose during its recent intraday trading, amid its attempts to get rid of the negative pressure of EMA50, which will open the way for achieving new gains in the upcoming period, especially with the dominance of strong minor short-term bullish wave, with the beginning of forming positive divergence on the relative strength indicators, after reaching exaggerated oversold levels compared to the price move, with the emergence of positive signals from them.

The CADCHF provided new negative close below the moving average 55, which forms a strong barrier at 0.5720 to reinforce the dominance of the previously suggested bearish trend, to reach the initial target at 0.5655.

Stochastic attempt to provide negative momentum by approaching 20 level will increase the efficiency of the bearish scenario, to expect attacking the support at 0.5595 and surpassing it will confirm its move to a new bearish phase, to target 0.5540 and 0.5505.

The expected trading range for today is between 0.5640 and 0.5700

Trend forecast: Bearish