Forex trading Gold in ascending triangle, USD weaker still – DAX near all-time highs [Video]
|Let’s take a look at Forex Trading on WTI Crude Oil, Gold XAU/USD, the DAX, the S&P500, EUR/USD, and USD/CAD.
Last time we spotted a short trade on USD/CAD, and look what happened.
We may see a temporary technical reversal but if we move out to the daily chart, we see continuing USD weakness.
In fact, we see USD weakness everywhere and short USD seems to be a popular trade.
The White House is actively looking for a new Fed chair who will be malleable and want to lower interest rates.
The closer they get, the weaker the dollar gets.
Corporations prefer lower interest rates and, therefore, the US indices are still climbing.
The DAX, as well, has recovered nicely since the tariff craziness.
It is near the all-time high of 24,500, and any good news on US/European trade talks or ECB interest rate cuts may push it above.
USD weakness has helped price action on gold, but watch your trend lines and technicals.
The daily chart shows us that there might be room to move to the upside in this ascending triangle with the stochastic oscillator oversold.
After all the excitement of the US strike on Iran’s nuclear facilities, price action on crude oil has been incredibly stable.
However, keep an eye out for tomorrow’s US Crude Oil Inventories and Thursday’s Non-Farm Payrolls as Friday is a holiday in the US.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.