US government shutdown: NFPs today? Gold to climb further? Forex trading WTI at support [Video]
|In today’s Market Outlook, let’s take a look at Forex Trading on NZDUSD, WTI Crude Oil, Silver, XAGUSD, Gold, XAUUSD and the S&P500.
This may look like a range trading opportunity on the S&P500, but be aware of the chaos in Washington.
The US government has shut down, and anything can happen.
Price action on all the US indices actually looks the same now, with defined support and resistance.
If the shutdown persists and we see more chaos in Washington, we may see gold go higher.
On the one-hour chart, we see that price action tried to break this double top but has returned to this key level.
Our technicals look bearish, but this is going to be a fundamentals story for a while.
Silver looks pretty much the same on all counts.
Price action on WTI and Brent Crude broke through support of $62 and stopped at this key level of $61.
This fall is based on the US government shutdown and the possible production increases from OPEC, to be announced on Wednesday.
Today, we are expecting the US Non-Farm Payrolls, but we honestly don’t know if they will be announced, so we will have to watch later today.
We are seeing all manner of price action on USD pairs, so there may be opportunities after the announcement.
For example, we see price action on NZDUSD at a lower trend line in a bull run.
However, we see no confluence in our technicals.
That’s all for now.
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