In the dynamic world of forex trading, achieving targeted price levels is a cause for celebration, and EURCAD has just hit the mark. As traders continue to assess their strategies, another exciting realm to watch is the precious metals market, where Gold and Silver remain under the spotlight. Let's delve into the latest developments in these markets.

The XAUUSD (GOLD) Performance 

(UPDATE) - Is Gold about to start a correction?

Gold aggressively broke past the previous resistance zone around 1950.00 and is currently trading at the next resistance zone around 1980.00. The previous daily candlestick suggests that sellers are starting to take interest which could cause the buyers to manage their positions and see the price drop short-term. 

According to this price action, traders anticipate the market to retrace and offer short-term trading opportunities back to the support zone around 1950.0. However, if the market continues to push up and break above the resistance zone it could provide a different scenario and invalidate the short-term drop.

The EURCAD Performance 

(UPDATE) - EURCAD has hit the target.

EURCAD buyers might start exiting the market as the target has been reached and the setup is complete. The market is still trading inside a bigger descending channel which could be a bullish continuation structure on the weekly timeframe. At the moment the market is trading on the resistance zone around 1.44944 and has created another resistance zone slightly above 1.46225.

According to this price action, traders anticipate EUR to continue strengthening against the CAD and reach the top of the structure and resistance zone around 1.46225. As such, a break and continuation above the resistance zone where the market is currently trading will simply continue the uptrend.

Read More: How Do Limit Orders Work on a DEX?

The XAGUSD (SILVER) Performance 

(UPDATE) - Silver has hit the target.

Silver formed a bullish continuation pattern since the last commentary and caused the market to continue to the US and reach the target around 23.540 which is a resistance zone. The bullsh setup is now complete and traders will start exiting the market. Overall the market is trading inside a bigger descending structure and traders anticipate a pushback to the top of the structure. 

According to the current price action, there could be a short-term drop back to the support zone around 22.418 and provide trading opportunities before a continuation to the upside. Another scenario is if the market breaks above the resistance zone, traders will wait for a retest before looking for trading opportunities back to the top of the structure.

Final Thoughts On Today’s Analysis 

In conclusion, the forex market's recent achievement with EURCAD hitting the target underscores the significance of well-informed trading strategies and constant monitoring. Trading remains a dynamic and challenging endeavor, where adaptability and diligence are paramount.  On the other hand, Gold and Silver continue to capture trader's attention, reflecting the broader financial landscape's uncertainties and opportunities. 

As these precious metals navigate through shifting economic currents, traders will keep a watchful eye on them, seeking potential entry points and risk management strategies. In the ever-evolving world of trading, staying informed and adaptable is the key to success. Subscribe to our YouTube channel today to learn more about our analysis.