Brent and WTI Crude higher on Russia sanctions, Forex trading Gold [Video]
![Brent and WTI Crude higher on Russia sanctions, Forex trading Gold [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_3_XtraLarge.png)
In today’s Market Outlook, let’s take a look at Forex Trading on GBPJPY, Gold, XAUUSD, Brent, and WTI Crude Oil.
After the last video, the US put sanctions on Russian oil, and the price of Brent and WTI went up.
Might we see a technical reversal?
If we look at the daily chart on Brent Crude Oil, we see price action approaching the upper trend line in this bear run from June.
But MACD is looking bullish with the signal line passing out of the histogram in a bullish direction.
If we move out to the 4-hour chart, we see that the stochastic oscillator had turned over from overbought, but may change its mind.
MACD still looks bullish.
Then again, on the 1-hour, both technical indicators signalled a quick drop.
The moral of the story is to check different time frames depending on your risk appetite and strategy.
On the Gold 4-hour, we all saw the insane climb, and I hope you spotted this double top a couple of days ago.
Price action broke through the neckline and has consolidated a bit.
Will the price of gold rise again?
There seems to be a retail gold frenzy right now, and the stochastic oscillator is heading into oversold territory.
If we look at the daily chart, we see the same technical indication, so it’s good to check multiple time frames if you are waiting to pull the trigger on a gold buy trade.
We are seeing GBP weakness right across the board except in GBPJPY, so watch for today’s UK PMIs and price action moves against the trend.
Speaking of GBPJPY, we are seeing a clear rising wedge, which is almost always a bearish sign.
That’s all for now.
CFDs and FX are leveraged products, and your capital may be at risk.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
