Brad Alexander
FX Large Limited
Last week we saw price action on gold in a symmetrical pennant and the stochastic oscillator looking very oversold.
We are still there but are we now looking at a descending triangle?
Symmetrical Pennants are usually continuation patterns while triangles can go either way.
If price action on gold breaks support and we see tensions easing in the Middle East, will we see a fall in gold?
Silver is consolidating as well but in an ascending triangle which could go either way as well.
On both gold and silver, be aware of lots of economic news affecting USD like an FOMC statement, CPI, and PPI.
Also, tomorrow we have an Interest Rate decision from New Zealand and a 0.5% drop is forecast.
If this prediction is wrong we will see volatility.
And, traders and analysts will be examining the RBNZ statement for clues to future decisions, affecting price action.
As we can see, NZD is weaker this month based on the predicted rate decrease.
If we look at just one example, we can see just how strong the movement has been on NZDUSD on the daily chart.
Price action has clearly broken out of this bull run from August.
We have a key level just below and we are looking at a very oversold stochastic oscillator.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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