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Gold (XAUUSD) in Symmetrical Pennant. Trading Short on NASDAQ?

   

Hey Valutraders!

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

Have you seen the Fibonacci levels on Gold?

I’m Brad Alexander and in this week’s Market Blast Technicals we’ll take a look at USDCAD, WTI (USOil), the NASDAQ (US100), and Gold (XAUUSD).

 

Despite the geopolitical events and the banning of purchases of Russian gold, price action is still consolidating.Screenshot 2022-06-28 at 11.41.34

We see a Symmetrical Pennant forming with the Stochastic Oscillator just now turning up from oversold.

Keep an eye on your indicators and the trend lines as we should get a breakout soon.Screenshot 2022-06-28 at 11.41.44

Also, price action is ranging between the 38.2% level of resistance and the 61.8% level of support.

Yesterday we promised to look at the US indices, like the NASDAQ as many analysts feel that the current rally is temporary.Screenshot 2022-06-28 at 11.41.58

From the technical point of view, we might be in agreement with them as price action is about to interact with the upper trend line in this bearish channel.

Also, the Stochastic Oscillator is showing overbought so we will watch for a downturn.Screenshot 2022-06-28 at 11.42.09

If we switch to the 4-hour chart we can see that the Signal Line on the MACD has just passed out of the Histogram which often can be a bearish indication.Screenshot 2022-06-28 at 11.42.26

We recommended selling WTI and Brent Crude after this Rising Wedge and the short position came to an end with price action on WTI moving above $110 and perhaps back to this key level of resistance.

Stronger oil and a slightly weaker USD see USDCAD moving lower, breaking support on this Head and Shoulders pattern.Screenshot 2022-06-28 at 11.42.42

MACD is looking bearish and we note that the level of support is also the 38.2% Fibonacci level with more room to move lower.

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

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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.28 June 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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