Forex trading Gold in rising wedge – US Fed to lower interest rates, RBA focussing on CPI tomorrow [Video]
|In our last video, we noticed a long opportunity on Platinum and we hope you were paying attention.
We saw this bull run in Platinum and, at the time of the last video, price action was here.
Simply waiting for a reversal of the oversold stochastic oscillator told us when to enter the trade.
A double bottom on the 4-hour chart confirmed the bullish bias.
If you are still in a long position, watch these levels of resistance and the overbought stochastic oscillator.
Speaking of precious metals, Gold is still hovering at record highs above $2,500 with a weaker USD.
Right now, however, we see price action in a rising wedge which is often a bearish indication.
Let’s wait for confirmation as a short on gold might be considered a risky trade.
For example, if we add MACD, we might want to wait for the signal line to turn over and fall a bit and pass out of the falling histogram.
As we say, USD is weak and all pairs are proving it.
You may recall my talking about the Jackson Hole Economic Symposium last week.
Well, Jerome Powell announced that inflation is under control and that Interest Rate cuts are inevitable and this is what happened.
We were looking at reversal opportunities last week and we said that AUDUSD looked like the best candidate.
Price action is trying to break resistance now so we must wait for confirmation.
Also, the Reserve Bank of Australia will be watching tomorrow’s CPI numbers and, if the figures are lower than 3.4%, we may have a short opportunity.
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