Forex trading Silver: Reaching its peak? Gold in ascending triangle – Range trading AUD/USD [Video]
|In today’s Market Outlook, let’s take a look at Forex Trading on Bitcoin, BTC/USD, AUD/USD, NZD/USD, USD/JPY, Silver, XAG/USD, and Gold, XAU/USD.
We see the ascending triangle on Gold creeping up on the daily chart.
The lower trend line on gold is becoming more and more defined as price action tries to creep bak to $3,450.
Keep an eye on geopolitical events and the strength of USD.
We see the uptrend continuing on Silver as price hits $39.
But, keep an eye on your chart patterns as we may be seeing a rising wedge forming which is a bearish indication.
Remember, however, the record price was almost $50 but that was 14 years ago and price action hasn’t been this high since then.
Speaking of USD, we see recent weakness with small pullbacks today and these will affect price action on gold and silver.
If we look at specific pairs, we see technical signs of reversals in the pullbacks.
USDJPY, for example.
If we add Fibonacci to the mix, we can see some key levels.
NZDUSD, and, if we add Fibonacci, we see that price action has found support at the 38.2% level.
Watch for a break or a bounce.
AUDUSD, in a range, and price is at support at a key level.
We were watching a technical pattern on Bitcoin and price action broke out with a vengeance.
We see a retracement now and watch out for the White House report on Bitcoin reserves next week 30 July.
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