Brad Alexander
FX Large Limited
The US indices rebounded, like out of this double bottom on the S&P500, as many tariffs were paused.
Of course, the US/China trade war from Trump’s first term looks like it is heating up again.
So, if the first US/China trade wars told us anything, the uncertainty will not help the indices.
The NASDAQ and all other indices pretty much look the same, with price action declining along this bearish trend line.
You will find almost every index in the world showing the same price action.
Price action on Gold seems to have hit resistance at over $3,200, which, of course, is an all-time high.
As long as geopolitical tensions and trade war uncertainty persist, the price of gold should stay elevated.
Silver has followed gold higher but MACD looks bearish.
Keep an eye on the stochastic oscillator as it is very overbought on the daily chart.
A downturn and better news on fundamental events could indicate a reversal on XAGUSD.
WTI and Brent Crude Oil are attempting comebacks, but uncertainty has created resistance below $66 in the case of Brent Crude.
If we look at the weekly chart, we can see this level of price from August of 2021.
We have lots of economic news this week and, in focus, will be CAD with Canadian CPI, today and an Interest Rate decision tomorrow.
You will note that we have mixed strength and weakness on CAD so, if the news moves price action one way or the other, we have opportunities to enter the market and trade WITH the trend.
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.
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