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Gold (XAUUSD) Still in Uptrend. Trading Short GBPUSD.

   

Hey Valutraders!  It looks like Gold is still flying high!

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at GBPUSD, USDCHF, AUDCAD, and Gold (XAUUSD).


As promised yesterday, let’s look at gold from a technical standpoint.Screenshot 2023-01-04 at 17.48.09

Clearly, price action has broken the upper trend line and we have bullish confluence with the stochastic oscillator.

If we add indicators like MACD and the Parabolic SAR, we get more bullish confirmation.

If we switch to the daily chart, we see that price action has broken the key levels from yesterday and we have more room to move to the upside with resistance at around $1870.

Yesterday, we pointed out a great opportunity on buying AUDCAD and look what happened!Screenshot 2023-01-04 at 17.48.35

Price action has broken the upper trend line and has reached resistance with the stochastic oscillator heading into overbought territory.Screenshot 2023-01-04 at 17.48.43

We made the opposite call on USDCHF and, again, trading with the trend was the way to go but watch for support at around 0.922 francs.

GBP is weaker against most currencies except the USD.

Analysts feel that the UK may be hit hardest by a recession so we may see further downside to Pound Sterling.Screenshot 2023-01-04 at 17.48.55

Therefore, keep an eye on GBPUSD as price action is approaching resistance.

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.4 January 2023 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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