Forex trading short Gold and Silver – WTI Crude Oil in symmetrical pennant [Video]
|On Monday we spotted short opportunities on Gold and Silver.
The short opportunities on Gold and Silver happened but it didn’t last too long.
But we may have another chance after this rally which followed double bottoms.
Price action is starting to reverse already with the stochastic oscillators both overbought and turning below 80.
However, wait for confirmation like a further fall and/or a bearish engulfing candlestick pattern before you pull the trigger.
If you are a conservative trader, you might want top wait for confirmation on the daily charts.
Here we have a bullish bias on gold but a bearish bias on silver with the stochastic oscillators heading for overbought.
Also, don’t forget about the US Non-Farm Payrolls tomorrow which could send any pair in the right or wrong direction.
Also, today the market is expecting a lowering of Interest Rates from London.
GBP is already falling so watch for volatility and opportunities
We have been following this symmetrical pennant on WTI for some time now and price action fell and rebounded off the lower trend line with incredible precision.
Many of the European indices opened this mooring with a gap to the downside.
Looking at price action this month, it might be a bit risk for gap trading right now.
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