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GOLD at Key Level. Brent Crude at High. EURUSD in Descending Triangle.

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Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades, today we will look at CADCHF, EURUSD, Brent Crude (UK Oil), WTI (US Oil), and Gold (XAUUSD).


Let’s jump right into some technical analysis on Gold where we see lower highs during the month of September and some clear consolidation.Screenshot 2021-09-28 at 11.04.03

The ADX Indicator is showing us consolidation as well.Screenshot 2021-09-28 at 11.04.31

If we move out to the Daily chart we see a similar situation with price at this key level which, if you remember, was the neckline for this Double Bottom that we saw back in March.

The Stochastic Oscillator is looking quite Bearish and, if we break this level of support, the next level below is $1,684.Screenshot 2021-09-28 at 11.05.19

Supply and Demand for Crude and petroleum products have been in the news these days and price action on WTI has just passed this key level from the beginning of July.

The Stochastic Oscillator is looking very Bullish and we will see if we get a retracement this week, before continuing higher.Screenshot 2021-09-28 at 11.05.45

Brent Crude opened even higher than its July highs with a weekend gap and price right now is above $80 per barrel.Screenshot 2021-09-28 at 11.06.06

We see EURUSD in this Descending Triangle with this level of support at $1.688.

If we break below, the next level is $1.667 but, as we know, this type of consolidation pattern could have price action going either way.Screenshot 2021-09-28 at 11.06.40

Yesterday we looked at CADCHF and it finally did break that level of resistance and appears to be heading up to this zone of consolidation.

That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our trading tips video.

CFDs and FX are leveraged products and your capital may be at risk.28 sept EN TN



This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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