4 Markets. 4 Big Shifts. What's Happening? Crude Falling on Iran Sanction Relief.

In today’s GCI Market Outlook, let’s take a look at Forex trading on AUDUSD, the S&P500, Silver, XAGUSD, Gold, XAUUSD, USDCAD, USDCHF, Brent and WTI Crude Oil.

Just a reminder that these videos are intended as educational, we are only observing current market conditions, and these are not to be considered as trading advice.

Despite the chaos and confusing social media posts about the US/Iran peace MOU, oil is now flowing out of the Strait of Hormuz, lowering the price of Brent and WTI Crude Oil.

Also, Iran has been given permission to start selling oil again…apparently, with a 60-day sanction relief.

We see $74 and $78, respectively, and we can see pre-war price action here.

However, other markets are less sure as USD is becoming a safe-haven again, as bond yields and geopolitical uncertainty are in the driver's seat.

This has seen the recent bull run in USD continuing.

For example, we see this month-long trend on USDCHF, blowing through levels of resistance, heading for the next level from November of last year.

USDCAD is the same, with price approaching an eye-watering $1.42.

We see, on the weekly chart, that we are at a key level from February of 2025 at the neckline of this huge double top.

As we mentioned last time, CAD is suffering from the falling price of crude oil.

I encourage you to check other USD pairs like XAUUSD.

Gold has been trending down for months, and the stronger USD has been helping this trend.

We see levels of support below, including the round number of $4,000.

Silver, again, is paralleling the price action of gold.

The S&P 500 has been following this upper trend line lower, and finally, after a tech selloff, inflation fears, and investor pessimism over Iran, it fell.

We note that all the other US Indices fell, but not from bearish markets.

Let’s keep an eye on this, as we are not quite ready to buy the dip.

We see on the economic calendar that we have Australian CPI tomorrow and employment data on Thursday.

Curiously, today, we have some temporary AUD weakness, so watch for counter-trend opportunities.

On EURAUD, we see a serious downtrend with today’s weakness trying to break the upper trend line.

So, watch the economic news and your technicals.

That’s all for now.

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