Forex trading WTI at 50% Fibonacci level – Gold at record highs [Video]
![Forex trading WTI at 50% Fibonacci level – Gold at record highs [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_2_XtraLarge.png)
We all witnessed the big fall in the indices based on tariff threats and then confusion over the new Chinese AI sensation — Deepseek.
Thanks to the resilience of investors who bought the dip, the stock markets are recovering nicely.
With the S&P500, for example, almost filling the price action gap.
Tomorrow, the White House is planning to implement 25% tariffs on Mexico and Canada.
If so, this may cause turmoil with the currency and stock markets so expect the unexpected when you start trading on Monday.
We have been following our short trade on WTI Crude Oil and the pullback to the upside has broken through the upper trend line.
There is an OPEC meeting scheduled for Monday so we could see some movement.
If OPEC decides to increase or maintain the same level of production, we could see the bear run continuing.
The Stochastic oscillator is overbought but we need to keep an eye on our technicals and the news.
Also, on the daily chart, we see price action bouncing up from the 50% Fibonacci level.
Gold is now at record highs, probably as a safe haven while we ride out the US Tariff stupidity.
Purchases by central banks taking cover has price action beating last November’s highs.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
