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.
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.
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.
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.
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.
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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