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Gold Consolidating with Lower ATR. CAD Stronger.


Welcome to this week’s Market Blast Technicals where we will look at Gold (XAUUSD), USDCAD, WTI (US Oil), CADJPY, EURCAD, and GBPCAD.


If you caught yesterday’s video, we promised to look at CAD pairs as the Canadian Dollar is looking strong.Screenshot 2020-09-08 at 10.39.56

Both CADJPY and EURCAD are showing us trends, up and down respectively, so keep an eye on the trend lines but watch for consolidation later.Screenshot 2020-09-08 at 10.40.48

GBPCAD has broken support but watch for key levels below.

Looking at the daily chart and the bull run from over a year ago, to the height of the COVID crash, we see that price is currently at the 38.2% Fibonacci level.Screenshot 2020-09-08 at 10.41.33

As usual we can see the inverse correlation between the Canadian Dollar and the price of crude.

Also, we will watch these key levels should CAD strength and USD weakness continue.

Zooming in to the 4-hour charts, we can see how the recent fall in the price of WTI has stalled the USDCAD bear run.

Looking at the post-COVID Fibonacci on the daily chart we see strong resistance at the 61.8% level but we will need to see some strong fundamental bad news to drop to the 50% level of support.Screenshot 2020-09-08 at 10.41.46

After a long bull run with lots of volatility, Gold is consolidating so we will watch these upper and lower trend lines in this symmetrical pennant.

Let’s take a look at the 14-Day Average True Range of Gold where we see a pre-COVID range from $9 to $27, the COVID peak of $68, to today where we are lower than $35, so we may see lower volatility in the Gold market.

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

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