Brad Alexander
FX Large Limited
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.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
GBP/USD recovers to 1.2800 area as markets assess BoE policy decisions
After falling to a multi-week low at 1.2750 on Bank of England's (BoE) decision to cut policy rate by 25 basis points, GBP/USD recovers toward 1.2800 on Thursday. BoE Governor Bailey's cautious comments on additional policy easing seem to be helping Pound Sterling find support.
EUR/USD falls below 1.0800 as US Dollar rebounds ahead of data
EUR/USD stays on the back foot and trades at fresh multi-week lows below 1.0800 on Thursday. The US Dollar finds its feet after the dovish Fed decision-led slump. Looking ahead, the US ISM Manufacturing PMI data will be the highlight.
Gold drops below $2,450 as focus shifts to US data
After climbing to a two-week high near $2,460, Gold stages a technical correction and trades in negative territory below $2,450. Following Wednesday's sharp decline, the 10-year US Treasury bond yield rebounds ahead of US data, not allowing XAU/USD to gather bullish momentum.
Bitcoin price falls to $64,000 following $3.1 billion BTC transfer by Mt. Gox
Mt. Gox moved $3.1 billion worth of BTC on Wednesday. Grayscale Mini BTC ETF receives a $1.8 billion inflow on Wednesday. The FOMC decided to hold US interest rates steady, resulting in a BTC price decline.
Bank of England cuts rates and there are more to come this year
The Bank of England is staying tight-lipped on when it expects to cut rates again. But we think better news on services inflation and wage growth can unlock one, or more likely two rate cuts by year-end.