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Gold (XAUUSD) and Silver (XAGUSD) in Descending Triangles. Trading EUR Short.

   

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 EURCAD, WTI (US Oil), Silver (XAGUSD), and Gold (XAUUSD).

 

Last week we looked at the 38.2% Fibonacci level of support on the daily chart on Gold, with the 50% level as the next key level below.Screenshot 2022-04-05 at 12.01.23

Remember, however, that Gold is very sensitive to geopolitical events and further sanctions against Russia could have an effect.Screenshot 2022-04-05 at 12.01.35

On the 4-hour chart, we see a descending triangle and the Stochastic Oscillator looking a bit bearish.Screenshot 2022-04-05 at 12.03.35

Silver is in a similar situation with this key level of support at $24.30.Screenshot 2022-04-05 at 12.01.51

Crude Oil is still very much a fundamental story with the turmoil in Ukraine and sanctions against Russia but we see a symmetrical pennant forming on WTI.

Price action is at $105.60 per barrel and we will watch the Stochastic Oscillator which is showing an Overbought signal.Screenshot 2022-04-05 at 12.01.58

We are seeing EUR weakness against everything as the ECB is behind the other Central Banks when it comes to Interest Rate rises.

Take a look at all the EUR pairs.Screenshot 2022-04-05 at 12.02.15

EURCAD for example is looking very bearish and price action has reached this key level of support.

We have to look at the monthly chart to see prices this low from 2015.

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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.5 April 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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