Forex trading on WTI after high inventory report – Silver and Gold in bearish bias [Video]
|On Monday we were speculating on a reversal in price action in silver and gold and we did get some downside opportunities.
Of course, we haven’t seen a full reversal by any means but we are seeing some bearish technical signs.
MACD is falling on both and we see the signal line passing out of the histogram.
The stochastic oscillator on the XAGUSD 4-hour is also bearish and we are seeing a symmetrical pennant in price action.
Often, this type of pattern is bullish as it originated from below, but, keep an eye on these levels of support as anything can happen.
Lately, we are seeing USD strength which should be driving price action on gold and silver lower but, with continued tensions in Gaza and continued gold buying by central banks, this could keep prices on gold higher from the fundamental side.
Incredibly, JPY is still getting weaker but many analysts feel that we may be looking at an Interest Rate rise by the BoJ in July or the autumn.
Watch this space.
Yesterday, price action on WTI Crude Oil broke through support and fell almost $3. Why?
Because, yesterday’s US Crude Oil Inventories were reported way higher than predicted driving prices lower.
We see a key level of support below in the $80 area.
On Monday we were looking at going short here on the S&P500 but the fear of no US Interest Rate cuts caused a sell-off.
Hope you caught it.
That’s all for now.
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