|

Dow Jones falls on tariff fears, time for a TACO trade? – OPEC to boost production [Video]

In today’s Market Outlook, let’s take a look at Forex Trading on Gold, XAUUSD, Silver, XAGUSD, WTI Crude Oil, Brent Crude, the NASDAQ, and the Dow Jones Industrial Average.

Yesterday, the White House sent out a volley of letters to many countries stating new tariff rates and the US Indices fell.

Today, Donald Trump stated that the 1 August deadline may be flexible, causing traders and investors to buy the dip.

This is what is known as the TACO trade, and we can see it here on the NASDAQ…and here on the DJIA.

Keep an eye on the news and your technicals.

Wall Street analysts predict oil futures will fall below $60 per barrel by the end of the year.

OPEC+ nations are expected to boost production in August.

Price just bounced off the upper trend line, and the stochastic oscillator has turned down from overbought.

Be careful, though, as price action on WTI and Brent is still in a slight uptrend.

Last time we spotted a range trading opportunity on silver, and it may be turning into a trend trading opportunity.

Regardless, our technicals have picked exit and entry points, and I encourage you to experiment with your favorite technical indicators.

Gold may be showing us a short opportunity with price action bouncing off the upper trend line and the stochastic oscillator looking overbought and about to turn over.

Keep an eye on geopolitical news and the strength of USD.

Also, watch out for the aftermath of the Australian and New Zealand interest rate decisions today and tomorrow.

In general, we see NZD weakness against all except JPY.

That’s all for now.

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

Author

Brad Alexander

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

More from Brad Alexander
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD eyes 1.1800 barrier near two-month highs

EUR/USD extends its gains for the second successive session, trading around 1.1780 during the Asian hours on Tuesday. On the daily chart, technical analysis indicates a persistent bullish bias, as the pair moves upward within the ascending channel pattern. Additionally, the 14-day Relative Strength Index at 68.89 sits near overbought, signaling strong demand. RSI remains elevated, which could cap gains if overbought conditions emerge.

GBP/USD knocks ten-week highs ahead of holiday slowdown

GBP/USD found room on the high side on Monday, kicking off a holiday-shortened trading week with a fresh spat of Greenback weakness, bolstering the Pound Sterling into its highest bids in ten weeks. Pound traders are largely brushing off the latest interest rate cut from the Bank of England as the UK’s central bank policy strategy leaves the water murky for rate-cut watchers.

Gold bulls seem unstoppable amid supportive fundamental backdrop

Gold is seen building on the previous day's strong rally of over 2% and continues scaling new all-time highs for the second consecutive day on Tuesday. The commodity climbs closer to the $4,500 psychological mark during the Asian session and remains well supported by a combination of factors. 

Uniswap holds above $6 as traders eye UNIfication vote outcome

Uniswap price holds above $6 at the time of writing on Tuesday after closing above a key resistance zone in the previous week. Traders are focusing on the highly anticipated UNIfication proposal, which is set to conclude on Thursday, and could become a key near-term catalyst. On the technical side, momentum indicators are flashing bullish signals, hinting at an upside rally.

Ten questions that matter going into 2026

2026 may be less about a neat “base case” and more about a regime shift—the market can reprice what matters most (growth, inflation, fiscal, geopolitics, concentration). The biggest trap is false comfort: the same trades can look defensive… right up until they become crowded.

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.