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Gold (XAUUSD) and DAX at Upper Trend Lines. Brent in Symmetrical Pennant.

   

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 the DAX (DE40), Brent Crude (UKOil), and Gold (XAUUSD).


Yesterday we speculated that Gold might fall back to $1800 and it did, in fact, fall to $1787.Screenshot 2022-05-17 at 10.44.16

Price action has rebounded to this upper trend line and we will wait for a reversal and a fall from overbought on the Stochastic Oscillator.

The price of Crude Oil is primarily a Fundamental story with the Ukraine war, but we see Brent Crude in a Symmetrical Pennant.Screenshot 2022-05-17 at 10.44.27

We will keep an eye on this to see if price action reverses from the upper trend line and that the Stochastic Oscillator returns from Overbought.

Yesterday the markets saw some recovery in the global stock indices but we are still seeing bearish indications overall.Screenshot 2022-05-17 at 10.44.39

For example, the DAX is heading for this upper trend line in this bearish channel and we will wait for the Stochastic Oscillator to reverse from Overbought here as well.Screenshot 2022-05-17 at 10.44.47

Also, price action is well below the 200-day Moving Average.

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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.17 May 2022 Technicals EN TN

 

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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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