Trading Gold in Descending Triangle & Key Support. Short Trade NZDUSD.

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at WTI (US Oil), Brent Crude (UK Oil), NZDUSD and Gold (XAUUSD).

If you followed our videos from earlier in the month we called this short trade on Gold and in yesterday’s video, we noted strong support at $1774.

We can now see that price action has formed a Descending Triangle and we know that price can go either way from here.

If we look at the Daily Chart, we can see that if we break support we have 2 levels below in this double bottom from March to the lows of $1680.

We have several key Fibonacci levels above as we are currently at the 23.6% level of support.

All the Fibonacci levels created from this bear run from almost a year ago have proven to be important.

We’ve been talking a lot about NZDUSD and, as expected, price action reached the upper trend line and reversed with the Stochastic Oscillator giving us conformation, and we have several key levels below.

Both WTI and Brent Crude have fallen based on rising COVID cases, and we mentioned yesterday about this week’s OPEC meetings, but from the technical side, we have price action reaching the lower trend line and the Stochastic Oscillator showing us an oversold signal.

Thanks for watching and don’t forget to 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 later in the week with our trading tips video.

CFDs and FX are leveraged products and your capital may be at risk.