WTI falling on OPEC, range trading XAG/USD – Forex trading XAU/USD downtrend [Video]

Last time we were looking at a symmetrical pennant on WTI and we thought it might be bullish.

We were correct but OPEC had other ideas.

OPEC met on Wednesday but agreed to meet again on Saturday and the rumours are pointing to production cuts in July.

This is why the price of crude fell nearing this level of support.

We see the stochastic oscillator is very oversold and thinking about turning up.

However, fundamental analysis always wins out over technicals.

If OPEC decides to cut production in July, we see support below-

If they do not, price may rebound to $62 or $63 giving us a new range trading opportunity.

Keep an eye on different time frames as well as the daily chart clearly shows a downtrend from the beginning of the year.

We have been enjoying some range trading on silver with help from the stochastic oscillator which has picked tops and bottoms with great accuracy.

Keep in mind that we see a downtrend so plan accordingly.

As well. Another precious metal, gold, is in basically the same bear run and price has just bounced off the upper trend line.

Usually, when trading silver and gold, we look at USD to get a clue.

Well, it’s all over the place now with the on-again-off-again US tariff saga.

Speaking of tariffs, the US indices rallied after a court ruling calling the Trump tariffs unlawfully applied.

An appeals court paused the ruling and equity prices fell again.

If that court rules against the Trump administration, price action will rise again, and on and on and on.

We see an opportunity in AUDUSD after lower-than-expected Australian Retail Sales figures.

We will keep an eye on our technicals and the lower trend line in anticipation of a long opportunity.