Gold (XAU/USD) downtrend ending? Strongest currency US, Brent Crude (UK Oil) in uptrend [Video]
![Gold (XAU/USD) downtrend ending? Strongest currency US, Brent Crude (UK Oil) in uptrend [Video]](https://editorial.fxstreet.com/images/Markets/Commodities/Energy/Oil/oil-mnisters-attend-127th-opec-meeting-18053441_XtraLarge.jpg)
Price action on gold has just reached this lower trend line in this upward trend that started in November of last year.
If price breaks below the line, the next key levels below are at $1918, $1870, and a strong level of support at $1812.
The USD appears to be the strongest currency even though we have had some pullbacks recently.
GBPUSD has price at the upper trend line but we have no confirmation from the Stochastic Oscillator.
USDCAD pulled back a bit with the wick of this candle just touching the lower trend line with the Stochastic Oscillator turning up from oversold.
If we move out to the daily chart we see price action forming this Symmetrical Pennant so we may new trading a Ranging Market for a while.
USDCHF is doing the opposite but there may be a level of resistance just above.
In fact, if we zoom out we can see that price action is trying to break through the 23.6% Fibonacci level with strong support above at the 50% level.
We see an uptrend starting in Brent Crude with price action intersecting the lower trend line and the Stochastic Oscillator thinking about turning up from oversold.
If we move out to the daily chart we see bullish indications and a long way to go up to the $85 level at the 23.6% Fibonacci level.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
