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Trading GBPUSD. Gold (XAUUSD) Consolidating. Register for this Month’s Webinar.

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and on behalf of Valutrades, today we will look at GBPUSD, and at Gold (XAUUSD).

USD has been getting stronger this week, and in many cases, against the trend so we need to be careful here.Screenshot 2022-01-18 at 10.51.27

As we trade Gold against the USD, we see dollar strength and higher US Bond yields pushing price action down but geopolitical tensions and purchasing by central banks pushing price action up.Screenshot 2022-01-18 at 10.52.03

This has created consolidation in XAUUSD and we will keep an eye on our trend lines and the Stochastic Oscillator which is moving down from Overbought on the Daily chart.Screenshot 2022-01-18 at 10.52.26

Also, looking at our Fibonacci retracements from the uptrend, which started at the bottom of this double bottom from last March, to the peak in May of last year, we see price action ranging between the 61.8% level and the 38.2% level.

Both of these were good support and resistance levels and they were hard to break sometimes.Screenshot 2022-01-18 at 10.52.44

OK, whether you like to use chart patterns or Fibonacci or another strategy, please join me on the 25th of January for our next webinar on how to set your trading goals, create a trading plan and stick to it.

You can register on the Valutrades website under “Education” and “Webinars”.Screenshot 2022-01-18 at 10.53.02

We are watching GBPUSD as price action is trying to break this lower trend line with the stronger USD and some turmoil in the UK government.Screenshot 2022-01-18 at 10.53.19

If we zoom out to the Daily chart, we see a different picture with a long downtrend, price action has just bounced off the upper trend line, and the stochastic oscillator is moving lower.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.18 January 2022 Technicals EN TN

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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