US Indices fall again on new tariffs, NASDAQ S&P 500 in ascending triangles [Video]

In today’s Market Outlook, let’s take a look at Forex Trading on WTI Crude Oil, USDCAD, Gold, XAUUSD, Silver, XAGUSD, the S&P500, and the NASDAQ.

Yesterday, the White House issued huge tariffs on Brazilian products, for bizarre reasons, and more tariffs on Canadian products because Canada has responded to earlier tariffs.

Therefore, all the US indices fell.

We see recovery in all the US indices as investors are engaging in this week’s version of the TACO trade but time will tell.

But, we also see the NASDAQ and the S&P500 in ascending triangles, so we will keep an eye on these.

Last time we spotted a short opportunity on gold, and it worked out.

We see another opportunity with XAUUSD, but it looks like price action may be breaking through this upper trend line.

Technicals are inconclusive as well, so watch for changes in or new geopolitical events and the strength of USD.

We are still watching a range trading opportunity on silver, and we see price action at resistance at $37.

Also, we may be watching the possible formation of an ascending triangle.

The tariff threats on Canadian products have caused volatility in USDCAD and AUDCAD.

If we move out to the daily chart on USDCAD, we still see a short opportunity, but keep an eye on the technicals and today’s Canadian employment data.

Also, watch the price of WTI and Brent Crude.

We have a technical long opportunity, but even today, more energy-related economies are talking about production increases, which will drive prices lower.

That’s all for now.

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