Trading GOLD in Rising Wedge. Key Fibonacci Levels on USD Pairs.

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades, today we will look at Gold (XAUUSD), WTI (US Oil), USDCAD, GBPUSD, AUDUSD and NZDUSD.

We see NZDUSD heading lower after price action bounced off this upper trend line and the Stochastic Oscillator is still moving lower.

The bounce was also linked to the 38.2% Fibonacci level but we need to break the 23.6% level to see if price will go lower.

A similar story can be told with AUDUSD as the Reserve Bank of Australia maintained their current Rate of Interest this morning.

And…more of the same with GBPUSD as price action has just bounced off this upper trend line, and Stochastics are moving lower.

As well, the 23.6% Fibonacci level is the next key level of support.

This stronger USD is affecting USDCAD as well, but so is the slight pullback of the price of WTI.

There is talk of a bull run on Gold and we see higher lows and bullish signals on the Stochastic Oscillator.

However, we will keep an eye on price action as the pattern that is forming right now might turn out to be a Rising Wedge which is actually a Bearish signal.

Let’s see what happens over the next few days, going into the critical US Non-Farm Payroll and Employment reports on Friday.

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That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our trading tips video.

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