Hey Valutraders! Have you seen this Descending Triangle on Gold?
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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at GBPJPY, USDCHF, Natural Gas, Silver (XAGUSD), and Gold (XAUUSD).
Before we get going regarding any technical opportunities, make sure you watch yesterday’s video on the US Debt Ceiling.
This is a fundamental event that could seriously affect the markets, especially USD pairs and US Indices.
Speaking of USD pairs, we see Gold at the key level of $2,000 at this level of support in a Descending Triangle.
Keep an eye on US news and watch for a break to the downside and the key levels below.
A bounce to the upside could see the continuation of this triangle.
If we move out to the daily chart we see that the next key level below, at around $1975, is also the 23.6% Fibonacci level.
Speaking of precious metals, Silver has taken a dive and broken this Double Top, based on USD optimism but again, watch for news on the US Debt Ceiling.
Price action may settle in this zone so be careful, but the Stochastic Oscillator is oversold.
If you like trading ranging markets, you will like this:
Natural Gas has rebounded and price action is at this key level of resistance and the Stochastic Oscillator is oversold, but wait for confirmation before selling.
As an added bonus, we see that the current price is also the 38.2% Fibonacci level with the 23.6% level at interim support.
Watch for USDCHF in this Ascending Triangle with the Stochastic Oscillator showing oversold.
Again, wait for confirmation, maybe on a lower time frame, before buying.
As promised, let’s take a look at JPY pairs and we see the same thing everywhere:
Consolidation and the Stochastic oscillator turning down from overbought.
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