War in Israel: Price gaps everywhere – WTI and Gold higher [Video]
![War in Israel: Price gaps everywhere – WTI and Gold higher [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Crosses/XAUUSD/gold-bars-on-dollars-19549282_XtraLarge.jpg)
As we all know, major geopolitical events can seriously affect the markets and the biggest mover is usually Gold.
The market opened with a big price action gap after the devastating events in Israel over the weekend.
The Stochastic Oscillator is overbought but we will need to see what happens regarding the conflict before we rely on technical indicators.
Any escalation in the conflict could see the price of gold go higher and any good news will see it fall.
We have a similar situation with WTI and Brent Crude but for different reasons.
Any disruption in an oil-producing country, or its allies, could indicate supply problems and therefore, the price of Crude Oil will fluctuate on the news.
As always, the increase in the price of Crude Oil affects CAD and GBPCAD opened with a gap this morning.
We also see a candle pattern called “three-black-crows” which can often indicate the start of a downtrend.
Be careful however, as GBPCAD is still in an uptrend and we will watch to see if price action fills today’s gap.
Also, watch the news regarding Crude Oil as this will affect all CAD pairs.
Other GBP pairs opened with gaps as well, with GBPCHF being the most notable, but watch out for this week’s Manufacturing and GDP economic news, and 2 speeches by Andrew Bailey.
Traders and investors will be watching and listening for clues as the UK economy is going through a period of uncertainty.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
