Forex trading Silver in triple top – US indices gapping lower on US tariff threats [Video]
|Last time we were looking at a short position on Silver.
Well, look what happened…twice!
Price action on Silver broke out of this rising wedge and has now formed a triple top.
For more selling action, we need to see price action to break below this neckline and for the stochastic oscillator to change its attitude from oversold.
Also, we see a key level below at $30 and MACD is looking bearish.
On another precious metal, Gold, we see a pullback in the bull run with price action at the lower trend line and the stochastic oscillator very oversold.
If the chaos in the US government continues, and talks of insane tariffs, gold may still go higher.
If we look at the daily chart, we see that we still have room to move to the upside.
On the technicals, we see lots of bullish confluence from the stochastic oscillator and MACD.
After only one week of the new US administration, the markets are seeing chaos.
All the major indices opened lower with gaps with price action at key levels and the stochastic oscillators very oversold.
However, if we look at the daily charts, we see the opposite technical signal.
If we look around the world, we see similar price action on indices like the Nikkei in Japan.
If we look at the daily chart, however, we see a range trading opportunity.
This bodes well for the indices when we get a chance to buy the dips.
Our WTI short position continues lower so, watch for pullbacks to the upper trend line to increase your position.
Check the USD pairs and you will see some gap trading opportunities like this one on AUD/USD.
Price action is at the lower trend line and the stochastic oscillator is oversold.
We have a gap on USDCAD as well but watch out for Interest Rate decisions from Ottawa and Washington, both within hours on Wednesday.
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