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Valutrades Market Blast Technicals :: 17 December 2019

   

Welcome to this week’s Market Blast Technicals where we will look at UK Oil (Brent), US Oil (WTI), GBPUSD, EURGBP, GBPAUD, Silver (XAGUSD) and Gold (XAUUSD).

Gold, on the daily chart, has been consolidating and we need to keep an eye on several factors including this symmetrical pennant.

Screenshot 2019-12-17 at 09.31.49

 

However, price is currently at this key level of resistance and previous support so we need to see a break above or a bounce to the downside before determining direction.

Also, we see a “Bollinger Squeeze” which usually means that a big move is on the near future.

Speaking of metals, Silver on the daily chart could be forming a falling wedge so keep an eye on this upper trend line and the stochastic oscillator as we look for a reversal.

Screenshot 2019-12-17 at 09.32.28

 

Yesterday we highlighted the price action gap in GBPUSD and all the Pound crosses and the market has “filled the gap”.

Screenshot 2019-12-17 at 09.32.46

 

However, the gap on GBPAUD might be harder to fill so watch this lower trend line.

New traders often ask about the difference between UK Oil and US Oil.

The difference in price is about supply while, at this moment we see key Fibonacci levels of resistance; 50% in the case of UK Brent Crude and 61.8% in the case of US WTI so we need to see a break or a bounce before determining future direction.

Screenshot 2019-12-17 at 09.33.08

 

That’s all for now. Happy trading and Happy Holidays with Valutrades and we will see you in January.

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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