Brent and WTI fall on news, then, not, forex trading XAG/USD, AUD/USD [Video]

Today, we will take a look at Forex Trading on WTI, Brent Crude Oil, AUDUSD, Gold, XAUUSD, and Silver XAGUSD.

We will look at the war in a minute, but we spotted this on Silver right away.

We have a clear downward channel on the 4-hour chart, price action has bounced off the upper trend line, and the stochastic oscillator is overbought and crossing over.

MACD is also looking bearish.

If we move out to the daily chart, we also see a bearish MACD but an undecided stochastic oscillator.

Price action has formed a descending triangle with support at about $67, a far cry from the heights of $121 from the end of January.

Gold is looking quite similar to silver, and prices have fallen dramatically from the $5,000 psychological key level.

Again, the stochastic oscillator has crossed and turned over from overbought, and MACD is looking bearish.

Often, when Gold falls, AUD falls, and we are seeing price action at a key level of support, and some technicals are looking slightly bearish.

Also, we see the formation of a descending triangle, so we might have some trading within the range unless we see a break to the downside.

If we look at Fibonacci retracements, we see reversals at or near the 50% and 38.2% levels.

But watch out for tomorrow’s Australian CPI figures and Thursday’s US Unemployment Claims.

Getting back to the Iran war, the White House reported some news about peace talks, and the price of both WTI and Brent crude fell.

Then, more confusing, contradictory messages came out from both sides, and prices rose again.

And, as we have been following, the WTI/Brent spread is $8, which is better than the $12 figure from last week.

That’s all for now.

CFDs and FX are leveraged products, and your capital may be at risk.