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Gold and Nikkei Still Consolidating


Welcome to this week’s Market Blast Technicals where we will look at the Hang Seng (HK50), the Nikkei (JP225), USDCNH, WTI (USOil), and Gold (XAUUSD).


We looked at Gold last week and we see that price action has still not broken out of this symmetrical pennant.Screenshot 2020-10-27 at 10.25.44

Watch for a breakout in either direction but keep an eye on the fundamentals as well with the US Election next week.Screenshot 2020-10-27 at 10.26.08

As well, we looked at a key level of resistance on WTI last week and price has fallen below now in the $39 region.

Looking at Fibonacci, we see that price is ranging between the 50% level of support and the 61.8% level of resistance.

USDCNH broke through long-time support last week and has retreated to this upper trend line and this morning the Stochastic Oscillator gave us an overbought signal.Screenshot 2020-10-27 at 10.26.38

Zooming out to the weekly chart, we can see that the current price of 6.70 is a key level from 2 years ago and 4 years ago so a break either way might be significant.

The Nikkei is still consolidating in this rising wedge but all indices dipped last week and the Nikkei has just bounced off the lower trend line.

We also note the “Bull Market” where the 100 Day Moving Average crossed above the 200 Day Moving Average.

On the contrary we see that the 100 Day Moving Average is still below the 200 Day Moving Average on the Hang Seng Index and that the level has just bounced off this upper trend line and stochastics are showing overbought.

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

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