Gold (XAUUSD) in Symmetrical Pennant. NASDAQ Rebounding. Trading Long on WTI.

Welcome to this week’s Market Blast Technicals.

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I’m Brad Alexander and on behalf of Valutrades, today we will look at WTI (USOil), the NASDAQ (US100), and at Gold (XAUUSD).

Gold has been consolidating around the $1800 range for some time now, in a symmetrical pennant on the daily chart, and we might expect a breakout soon.

Rising US Bond yields should be driving price action on Gold lower but geopolitical tensions and COVID Omicron are keeping prices elevated.

We see a range between $1831 and $1727.

Yesterday, we promised to look at the NASDAQ from the technical standpoint but, be careful, as this is still a “fundamental” story with US Interest Rate Rises in 2022 being a driving factor.

Yesterday, price action fell to a previous key level. 

As we mentioned yesterday, many investors took advantage of the bargains and the Stochastic Oscillator is showing Oversold.

If you want to trade the current range on the NASDAQ, you may want to try Bollinger Bands as they are showing a flat 20-day moving average and price action is showing tops and bottoms on the upper and lower bands.

We see WTI in an uptrend in the $79 area and price action has just bounced off the lower trend line with the Stochastic Oscillator heading higher.

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