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Trading Short USDCHF. Gold (XAUUSD) in Bull Run. Recession Fears.

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Hey Valutraders! Have you seen the bull run on gold (XAUUSD)?

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I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at AUDCAD, USDCHF, and Gold (XAUUSD).

First of all, welcome back!

We hope you all had a great holiday season and are ready to get back into some trading.

As we can see, Gold has been climbing since the beginning of November, most likely based on the fears of recession this year and pessimism regarding China’s COVID problems.Screenshot 2023-01-03 at 18.50.20

We see on the daily chart that price action is at a key level from June of last year.

We will take a look at this from the technical side tomorrow.Screenshot 2023-01-03 at 18.50.28

Meanwhile, we see sudden USD strength, probably based on the IMF’s pessimistic view on recession and the global economy, and we should take advantage of this.Screenshot 2023-01-03 at 18.50.37

For example, USDCHF has been in a downtrend and price action has reversed to a key level.

However, watch out for economic news this week from the US including 2 PMIs and the Non-Farm Payrolls.

Canada will also be announcing a PMI and employment figures at the same time and we also see sudden CAD strength.Screenshot 2023-01-03 at 18.50.52

So, we see AUDCAD as an opportunity as price action has gone against the trend, but wait for confirmation before going long.Screenshot 2023-01-03 at 18.51.02

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, 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 next time.

CFDs and FX are leveraged products and your capital may be at risk.3 January 2023 Fundamentals EN TN



This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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