Nasdaq lower in ascending triangle – Forex trading short Silver [Video]
|For the last 3 weeks, silver has been following Gold higher.
Are we seeing a reversal?
Silver may be starting a bear run as we see a downward price channel with price action approaching the upper trend line.
The stochastic oscillator is showing some bearish confluence as well.
If we add MACD, we can see even more bearish indication.
If we move out to the one-hour chart, we have the same sentiment but are we seeing a falling wedge?
Last time, we saw a bullish pattern on WTI Crude Oil.
However, the Israeli government has stated that it will not attack Iran’s oil infrastructure causing Oil to open with a gap to the downside.
So? Will price fill the gap with the stochastic oscillator heading into oversold?
Speaking of gaps, every JPY pair opened with gaps after Japan’s elections and political turmoil over the weekend.
Will price action fill this gap with the stochastic oscillator very overbought?
All the US indices except one are lower with the NASDAQ at resistance in this ascending triangle.
The stochastic oscillator is stubbornly staying overbought and MACD is just heading back into bullish territory.
Whatever you are trading this week, we have a full economic calendar so join us on Thursday for a review of USD and Friday’s Non-Farm Payrolls.
That’s all for now.
CFDs and FX are leveraged products and your capital may be at risk.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.