Gold price trading stuck between the EMA50 and the waited to be breached resistance level at 1212.34, as we mentioned in our last reports that breaching this level will ease the price mission to head towards the recently recorded top at 1263.23, pointing that stochastic current negativity explains the reasons for the difficulty of achieving the breach until now.
Crude oil price traded with clear positivity yesterday evening to test the key resistance mentioned in our recent reports at 31.30, accompanied by stochastic enter to the overbought areas, which supports the chances of bouncing bearishly to resume the overall bearish trend, waiting the price to return to the bearish channel that appears on image to reinforce the decline expectations. Therefore, breaking 29.40 level will be the first condition to continue our bearish overview, which its targets begin at 25.48.
Silver price continues to fluctuate between the critical levels between 15.15 support and 15.70 resistance, waiting for breaching one of them to detect the next targets clearly, noticing that the mentioned support represents a potential neckline for a bearish technical pattern is forming now that we explain in the chart, which means that breaking it will push the price to attempt to regain the main bearish trend, and the negative targets begin at 14.67 and extend to 14.27.
1.1120 level remains represents strong support barrier against the EURUSD pair attempts to decline, where it finds a difficulty to break it until now, to keep fluctuating in sideways range confined between the mentioned level and the EMA50, noticing that stochastic loses its positive momentum gradually on the intraday time frames. Until now, the bearish trend scenario remains valid in the upcoming period if the price settled below 1.1264 level, where breaching this level represents positive factor that will lead the price to head towards the recorded top at 1.1494 mainly, while the price needs to break 1.1120 level to open the way towards visiting 1.1005 level as a next main target.
The GBPUSD pair kept its stability below 1.4330 level after retesting it yesterday, while stochastic approaches from the overbought levels now and the EMA50 keeps pushing negatively on the intraday and short term trading. Therefore, these factors encourage us to keep our bearish trend expectations in the upcoming sessions, which its main targets begin by testing 1.4078 level, while its continuation conditioned by holding below 1.4515 level.