Forex trading short AUD/USD? Silver in ascending triangle – Gold flying [Video]
|In today’s Market Outlook, let’s take a look at Forex Trading on AUD/USD, Silver XAG/USD, and Gold, XAU/USD.
Last time, we saw price action on Gold forming a symmetrical pennant.
Price usually goes out the same way it came in, nd look what happened!
Yes. XAUUSD passed $3,850, which were numbers unheard of just one year ago.
Will it keep climbing?
Technical indications on higher time frames is still bullish on both MACD and the stochastic oscillator.
Silver is not following gold this time and seems to be stalled at resistance of $47 in this ascending triangle.
Watch this space.
All eyes will be on US employment figures this week, with JOLTS Job Openings today, ADP tomorrow, Unemployment Claims on Thursday, and the NFPs and the Unemployment Rate on Friday.
Jerome Powell is very wary of the labour market so this week’s figures will be super important.
Overall, we are seeing a bit of USD weakness.
AUDUSD is especially notable as price action seems to be trying to break out of this trend channel.
This may seem a bit odd as AUD is weaker, in the short term, against all other currencies but USD.
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.