Gold pullback on eased tensions – Strongest currency as the CHF, weakest currency as the NZD [Video]

I’m Brad Alexander and in today’s Market Blast, let’s look at NZDCHF, EURCHF, USDCAD, Silver (XAGUSD), and Gold (XAUUSD).

Gold opened lower this morning after a slight lull in tensions between Israel and Hamas.

The gap was already filled on the volatility but we will likely see Gold (XAUUSD) going higher if the conflict escalates.

On the technical side see that the current price is a key level reoccurring several times this year.

The stochastic oscillator is still overbought and shows no sign of falling below 80.

Fibonacci confirms this key level and we need to see a break above resistance before the bullish momentum continues.

We are seeing a very similar story on Silver (XAGUSD).

If conditions change, we see very strong support at this Fibonacci level of 38.2% at just over $22.

The easing tensions have also affected the price of WTI and Brent Crude and we see price action hovering around the lower trend line.

The stochastic oscillator is very oversold so we will wait for an upturn but be aware of this key level at $88.40.

Again, watch the news on geopolitical developments.

The Canadian dollar is continuing weaker and the price of Oil is not helping.

But watch out for the Bank of Canada Interest Rate Decision and Press Conference on Wednesday followed Thursday by the same events from the ECB.

Analysts are predicting no change from either Central Bank but be alert for surprises and try to take advantage of the volatility.

The EUR is stronger against everything except the CHF so watch for pullbacks against the trends for opportunities to trade WITH the trend.

Our analysis shows that the CHF is the strongest currency and the NZD is the weakest currency but be aware.

Price action is sitting firmly at this key level of support at a record-low level.