WTI (US Oil) at resistance, watch out for OPEC – Gold and Silver consolidating [Video]

Hey Valutraders!  Is the Crude Oil bear run over?

I’m Brad Alexander and in today’s Market Blast, let’s take a look at EURCAD, EURUSD, Silver (XAGUSD), Gold (XAUUSD), and WTI (USOil).

We have been making lots of short trades on WTI and Brent Crude lately but price action seems to have broken the upper trend line in this bear run.

However, watch out for the OPEC meeting today as the world’s largest oil-producing nations will decide on production levels going into 2024.

The concept is that production cuts will drive prices higher and vice versa of course.

In our last video, we looked at the huge jump in Gold and Silver.

Gold is now at $2044 and both precious metals seem to be consolidating.

Of course, gold surged with the war in Gaza but the weakness of USD is now pushing prices up even more.

If we hear rumours of an extended cease-fire, we may see a fall in the price of XAUUSD.

If we move out to the daily chart we can see where we are in relation to the price in May.

We still see bullish indications from the stochastic oscillator and MACD so we will wait for confirmation on the fundamentals and the technicals before going short.

Speaking of USD weakness, we see it on every pair with a slight pullback on EURUSD.

Economic news will affect USD with Personal Consumption Expenditures (PCE), Unemployment Claims and 2 speeches by Jerome Powell.

One of these speeches will occur after market closure so we may see price action gaps on Monday morning.

EURUSD is lower because EUR is lower in general.

Keep an eye on EURCAD as we see a descending triangle where price action has tried to break lower several times and our technical indicators are looking bearish.