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.
The bear run may not continue until price action breaks support and the Stochastic Oscillator turns down.
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.
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.
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.
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.
Our strong/weak analysis has the USD as the stronger currency today and GBP as the weakest overall.
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