Forex trading double tops on Gold and Silver – US indices falling through lower trend line
|In today’s Market Outlook, let’s take a look at Forex Trading on the NASDAQ, WTI Crude Oil, GBPUSD, Gold, XAUUSD, and Silver, XAGUSD.
Gold is still hovering around $4,000 based on safe-haven demand amid serious geopolitical uncertainty.
Price action on Silver is also a copy of gold, but we see some interesting technical points.
On the daily charts of both gold and silver, we see both double tops and double bottoms.
The double bottoms broke their necklines over a week ago, but we see double tops forming with clear support below.
At the moment, the stochastic oscillator is bearish, and the signal line on MACD is trying to exit the histogram, which is also a bearish sign.
Looking at USD pairs, we see temporary strength against some others.
This may change if the Fed decides to lower interest rates next month, and some members of the FOMC would like to do that.
Therefore, this week’s Non-Farm Payrolls will be critical data to watch, along with today’s FOMC Meeting Minutes.
Keep in mind that Friday is a national holiday in the United States, so we will see the NFPs on Thursday.
And, don’t forget, any moves on USD will affect price action on Gold and Silver.
On Friday, we will see some critical PMIs from Europe, the US, and the UK, along with UK CPI and Retail Sales this week.
Regarding GBP, we are seeing mostly consolidation and range trading, but watch this week’s news and remember that we will see a new UK budget next week, which will likely cause volatility.
Incredibly, we are still riding the downturn in the price of crude oil, and we see WTI back below $60.
Falling prices like this indicate lower global demand, so let’s hope it’s not a sign of the times.
That’s all for now.
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