Nasdaq, S&P 500 and Dow Jones reach record highs [Video]
|Last week we spotted this Falling Wedge on Silver (XAGUSD) and price action is getting tighter.
If you are not familiar with chart patterns, the Falling Wedge is a bullish pattern so, at some point, we may see a breakout to the upside.
Meanwhile, we are in a downtrend and we may have a short opportunity if price action bounces off this upper trend line.
If so, make sure you confirm on lower time frames and avoid going short if you see a situation like this.
Speaking of precious metals, the Symmetrical Pennant on Gold is getting tighter as well but be aware of this key level of support in the $2020 area.
If price action breaks below we could easily fall to $2000.
Since October the US equities have been a one-way market with every one hitting record levels based on good economic data and the possibility of lower interest rates this year.
We will be looking for dips in price action so stay alert to our videos.
An immediate opportunity exists with EURAUD as price action has just bounced off this lower trend line and the stochastic oscillator is turning up from oversold.
Just be aware of resistance at $1.66.
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