Gold and Silver consolidating, forex trading GBP/JPY on BoJ rates – Crude falling wedge [Video]
|Last time we were looking at a downturn in the price of gold and we got that.
But, is it sustainable at support?
We see support at $3,280 and we might be witnessing the forming of a descending triangle.
We will keep an eye on the fundamentals, especially on USD strength and our bearish-looking technical indicators.
On silver, we can see the current level of $33 is key so we will want to see a clear break below.
The next level below is $32.
We can’t really rely on USD to drive the precious metals as price action on the Greenback is almost flat.
We have a huge amount of economic news this week including a BoJ interest rate decision, the US Non-Farm Payrolls, and a federal election in Australia this coming weekend.
JPY is mixed against other currencies but we may have an opportunity on GBPJPY if we see volatility.
Mainly, keep an eye on the trend lines in this bear run.
You may recall the CHFJPY short we spotted a few weeks ago.
It is still falling and we will keep an eye on the trend lines here as well.
We are seeing a falling wedge on Brent Crude Oil so we may be expecting some bullish movement if we get better news on US/China trade relations.
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