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Trading Gold at Key Resistance. Brent Crude in Downtrend? Trading NZD Reversal.

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and on behalf of Valutrades, today we will look at NZDCHF, NZDUSD, Brent Crude (UK Oil), and Gold (XAUUSD).

 

As we pointed out yesterday, Gold is higher based on a slightly weaker USD and lower bond yields.

XAUUSD, on the Daily chart, is now approaching a key level of resistance at $1830 in an upward channel.Screenshot 2021-11-09 at 10.47.22

We are considering this to be an Ascending Triangle, which could break out, either way, so watch for a downturn of the Stochastic Oscillator and perhaps the MACD Signal Line exiting the Histogram here.Screenshot 2021-11-09 at 10.47.40

Speaking of Signals…Don’t forget to register for our next webinar on Trading Opportunities using Valutrades Real-Time Signals, 23 November, and you can find details on the Valutrades Website.

Yesterday as well, we looked at Brent Crude and WTI and we see that price action almost filled the Gap, but not quite.

If Joe Biden succeeds in releasing the US Strategic Petroleum Reserves (SPR) we may see lower prices.Screenshot 2021-11-09 at 10.47.58-1

We see a clear downtrend and price action has just bounced off this upper trend line and the Stochastic Oscillator is moving lower.Screenshot 2021-11-09 at 10.48.07

Recently we have seen NZD strength and if you are interested in trading a reversal, NZDUSD might be a good option.Screenshot 2021-11-09 at 10.48.21

We see a clear downtrend and price action has just bounced off this upper trend line and the Stochastic Oscillator is moving lower.Screenshot 2021-11-09 at 10.48.28

We see a similar situation with NZDCHF.

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.9 November 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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