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Gold (XAUUSD) at Upper Trend Line. Trading Long on Brent Crude? NatGas Fills the Gap.


Hey Valutraders!  Have you seen the technicals on Gold today?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at the USD Index, Brent Crude (UKOil), USDCAD, Natural Gas (NatGas), and Gold (XAUUSD).


Yesterday we looked at why price action on Gold had risen based on fundamental news events.Screenshot 2022-08-02 at 12.09.08

Now Gold has reached the upper trend line in this bearish run and the Stochastic Oscillator is quite overbought.

Once we see the D and K lines cross and fall below 80, and we see a downward bounce off this upper trend line, we will be looking seriously at a short position.Screenshot 2022-08-02 at 12.09.23

We also looked at Natural Gas yesterday and price action has filled the weekend gap.

We are in a downtrend based on the fear of a recession and economies trying to legislate demand so a technical decision might be problematic now.

Regardless, we see the Stochastic Oscillator crossing but be careful here.Screenshot 2022-08-02 at 12.09.30

Brent Crude has fallen but price action has hit this lower trend line in a weak bull run.

The Stochastic Oscillator is turning up from oversold but, be careful here as well, as energy commodities will be affected by fundamental news events.Screenshot 2022-08-02 at 12.09.38

If the price of crude rises, we could see CAD getting stronger and if we look at USDCAD, we see price action is trying to break the upper trend line.

The Stochastic Oscillator is very overbought so we will wait to see more confirmation before we trade short on a reversal.Screenshot 2022-08-02 at 12.09.47

The USD Index is still looking bearish with the MACD well below 0.00 and the Stochastic Oscillator constantly in oversold territory.

However, we see what could be a falling wedge forming, which is a bullish pattern, so we will keep an eye on this.

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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.2 August 2022 Technicals EN TN



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