Gold Breaking Lower. S&P 500 at Support Again. CAD Falling with Crude.

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 Gold (XAUUSD), Brent Crude (UKOil), the S&P 500 (US500) and USDCAD.

Yesterday we looked at the fall of safe-havens and we see that Gold has fallen further still and has broken this lower trend line.

The Stochastic Oscillator is looking bearish but is indicating oversold.

The next key level below is $1887.

Brent Crude is still falling which is great news for the global economy.

This will be a key topic on our next webinar on Inflation at 1800 UK time on the 22nd of March so, see you then.

If we move to our daily chart on Brent Crude we see an oversold indication on our Stochastic Oscillator.

Also, price action is approaching the next level of Fibonacci support at 50%.

Of course, fundamental events may supersede technical analysis with huge uncertainty around the war in Ukraine.

We see the S&P 500 falling to a key level of support as the global uncertainty affects equity markets.

We have to look at our weekly chart to see levels as low from one year ago and the Stochastic Oscillator looking very bearish.

The falling price of Crude Oil is having a negative effect on CAD and we will monitor this through the week.

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