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Time to Go Short on Brent Crude? Gold Ranging. FTSE 100 at Support.

   

Hey Valutraders!

Did you see what’s happening with Gold today?

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 we’ll take a look at the NASDAQ (US100), the FTSE 100 (UK100), Brent Crude (UKOil), and Gold (XAUUSD).

 

Yesterday we promised to look at Gold again and, incredibly, it lost all the gains it made Monday.Screenshot 2022-06-14 at 13.12.04

Price action is telling us that we are in a ranging market and, at $1830, we are at a key level which was the neckline of this Double Bottom and a level of support from last month.

Why did the price of gold fall like this?

Basically, Bond Yields retreated which always affects the price of gold, and if you are trading Gold, be careful with tomorrow’s FOMC press conference.

Price action on Brent Crude has been creeping higher after it broke out of this consolidation pattern.Screenshot 2022-06-14 at 13.12.21

What we see now is a Rising Wedge which is usually a bearish pattern.

However, we would like to see some bearish response from the Stochastic Oscillator and to see the MACD Signal Line passing out of the histogram before considering a short position.

Yesterday we looked at the NASDAQ and how it opened the week with a gap to the downside.Screenshot 2022-06-14 at 13.12.30

We see price action creeping higher and we hope to fill that gap within a couple of days and the Stochastic Oscillator has moved out of oversold territory.Screenshot 2022-06-14 at 13.13.31

Most indices looked like this but we see the FTSE 100 at this key level of support, trying to move higher, and the Stochastic Oscillator trying to move from oversold.

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.14 June 2022 Technicals EN TN

 

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.

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