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Trading Long on Gold (XAUUSD) & GBPUSD. Trading short on USDCAD.

   

Welcome to this week’s Market Blast Technicals.

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

 

Yesterday we promised to take a look at USDCAD and with the increasing Crude prices and a weaker USD we see more room to the downside.Screenshot 2021-06-01 at 10.56.27

Price action is trying to break this symmetrical pennant and the Stochastic Oscillator is displaying lower highs which is a bearish signal, but watch out for support just above $1.20.

We have to zoom out to the weekly chart to see support from almost 4 years ago.

The inverse situation can be seen on GBPUSD where Pound strength and dollar weakness gave us resistance 3 1/2 years ago.

 

Screenshot 2021-06-01 at 10.56.39Today we see GBPUSD trying to break resistance from this ascending triangle.

 

We mentioned increasing Crude Oil prices based on increased demand and we see on the WTI Daily Chart, price is back where it was exactly 2 months ago.Screenshot 2021-06-01 at 10.56.53

We will look for a break of resistance here but be aware that we might get a pullback first and, if you caught our video yesterday, OPEC + is meeting today so be careful.

Gold has kept climbing after it broke this double bottom many weeks ago.Screenshot 2021-06-01 at 10.57.03

We have a couple of key levels above including these 2 highs at $1950.

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.

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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