Gold (XAUUSD) in Falling Wedge. Trading Short on Platinum (XPTUSD).

Hey Valutraders!  Did you see this falling wedge on Gold?

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at AUDCHF, EURAUD, USDJPY, Platinum (XPTUSD), and Gold (XAUUSD).

Last week we spotted this Rising Wedge on Gold and it was, in fact, a bearish signal.

Now, we see the opposite in a Falling Wedge so we may be looking at a reversal.

However, let’s wait to see if it develops as, right now, the Stochastic Oscillator looks a bit uncommitted.

We haven’t looked at Platinum for many months but we see a clear downtrend and the Stochastic Oscillator is very overbought.

If we look at the daily chart we see that price action is trying to break this key level and, if it does, we have many more levels below.

We also note that our Fibonacci retracements, like the 50% level, are important so we will wait for a reversal to the downside.

Yesterday we promised to take a look at technical opportunities on JPY pairs but the fundamentals pushed price action beyond most trend lines.

However, on USDJPY we are at this key level of resistance.

Price action may be forming an Ascending Triangle and the Stochastic Oscillator is oversold so we will wait for some confirmation of direction.

Yesterday, as well, we spotted some opportunities on AUD pairs including this Descending Triangle on EURAUD.

AUDCHF is in a bearish Symmetrical Pennant and the Stochastic Oscillator is consolidating as well.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

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.