Gold pushes past $4,000 – Silver hits $51, WTI Crude Oil retreats [Video]
|In today’s Market Outlook, let’s take a look at Forex Trading on USD/JPY, Silver, XAG/USD, Gold, XAU/USD, CAD/CHF, USD/CAD, and WTI Crude Oil.
After the OPEC meeting analysts are now considering increased crude production in November.
This, demand fears, and a stronger USD have seen WTI falling.
Yes, we were looking at a technical reversal in WTI and Brent Crude last time, and we got it.
A stronger USD and weaker WTI has had a big effect on USDCAD.
Also, the BoC may cut rates at the end of the month so let’s keep an eye on the charts and the rumours.
However, we are seeing a mixed bag of strength and weakness with CAD pairs so we will need to analyze further, closer to the time.
On the daily chart, USDCAD is clearly still trending upward and is trying to break resistance from May.
CADCHF shows us some very recent CAD strength and price is now at a key level we have seen a few times.
If we move out to lower time frames, we see what might be key patterns forming.
Silver has gone ballistic the last month or so and price action pushed above $51 from $38 in August.
Low supply and high demand has driven prices up.
Speaking of precious metals, Gold surpassed $4,000 for the first time and has pulled back.
However, we can’t be confident of any further falls with geopolitical and economic uncertainty all over the world.
Have a good weekend and on Tuesday we will look at the US Indices and the recent fall in JPY.
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