Hey Valutraders! Did you see this Rising Wedge on Gold?
Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals
I’m Brad Alexander and I’d like to welcome you to Gold Blast!
Valutrades look at precious metals like Gold (XAUUSD) and Palladium (XPDUSD).
Price action on XAUUSD seems to be forming a Rising Wedge after this big jump in USD.
A Rising Wedge is normally a bearish pattern but keep an eye on this bullish convergence on the Stochastic Oscillator and this level of resistance at $1,885.
Also, don’t forget that XAUUSD will be driven by USD so watch next week for CPI figures which will be critical data for the Fed’s fight against inflation.
Another pair to trade will be XAUAUD which is Gold vs the AUD which we find in a Falling Wedge — a bullish pattern.
We may trade short now as the Stochastic Oscillator is turning down, or wait for a confirmed reversal and go long.
If we add the Parabolic SAR and MACD we see bearish indications at the moment.
If you are wondering which Gold pairs to trade simply right-click on Market Watch and select Spread.
You will see that Valutrades offers 4 different pairs, all with excellent spreads with XAUUSD at an incredible 4 or 5 cents.
If you divide the spread by the price of gold in your chosen pair, you will see that all 4 are excellent.
If we look at the daily chart on Palladium we also see a Falling Wedge with price action approaching the upper trend line.
MACD continues bearish but we may want to wait for a bounce and confirmation from an overbought Stochastic Oscillator.
Again, watch out for the US economic news.
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.
Disclaimer:
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.
Comments