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Trading Short on WTI (USOil). Gold (XAUUSD) Consolidating.


Hey Valutraders!  Have you seen the fall in the price of Gold?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at GBPUSD, EURUSD, the DAX (DE40), WTI (USOil), and Gold (XAUUSD).


Gold has been falling since the middle of August and has reached a key level of support.Screenshot 2022-08-23 at 11.29.29

The bear run may not continue until price action breaks support and the Stochastic Oscillator turns down.Screenshot 2022-08-23 at 11.29.43

If we move out to the daily chart, we see a different picture where the Stochastic Oscillator is Oversold but don’t be fooled.

We can see similar situations where the bear run continued so, be patient.Screenshot 2022-08-23 at 11.29.57

We promised to look at WTI from the technical side today and we see that price action has bounced off this upper trend line in this bearish run.

Also, the Stochastic Oscillator is Overbought so we will wait for a downturn before selling.Screenshot 2022-08-23 at 11.30.09

During the last few weeks we were watching a rising wedge on the DAX and the bearish pattern turned out to be correct.

Price action has fallen to this previous key level but this is more of a fundamental story with uncertainty over the German economy.Screenshot 2022-08-23 at 11.30.37

The big story in the forex markets today is the fall of EURUSD which has broken parity and is now in the low $0.99 region.

We have to look at the monthly chart to see price action this low from 20 years ago.Screenshot 2022-08-23 at 11.30.54

Our strong/weak analysis has the USD as the stronger currency today and GBP as the weakest overall.Screenshot 2022-08-23 at 11.31.01

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.23 August 2022 Technicals EN TN



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