Buy the Dip on the NASDAQ? AI Stocks Crash US Indices! Forex Trading Silver XAGUSD Flying to Resistance.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on USDJPY, Gold, XAUUSD, Silver, XAGUSD, Platinum, WTI Crude Oil, and the NASDAQ.

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.

We have been speaking about uncertainty with tech and AI stocks, and Nvidia fell yesterday, dragging the NASDAQ and others down.

On the technical side, we see price action at the lower trend line and the stochastic oscillator very oversold and trying to turn back up.

We see the crude oil market rebounding based on uncertainty in the Middle East.

From a fundamental standpoint, any good news will see price action falling to the lower trend line, where we might have an opportunity if price stall there.

Bad news, of course, may see WTI Crude Oil heading back to resistance at $70.

Keep an eye on the news.

We see all precious metals, except gold, on the rise today.

Silver, XAGUSD, Platinum, and Palladium to be specific.

Price action on silver has pulled well back from all-time highs and is now having a hard time breaking through resistance.

MACD is looking slightly bearish and we have a stochastic oscillator heading into overbought territory.

The technicals on gold are similar to silver, but the recent price action is completely different.

Price is stalling in a symmetrical pennant, which may just be bullish.

However, we also see what could be a rising wedge which, as we know, is a reliable bearish pattern.

Keep an eye on this and the news.

We have been following the ups and downs of Japanese yen pairs and we see a symmetrical pennant forming on the USDJPY daily chart.

We have a range trading opportunity between the trend lines but keep an eye on support.

If we move out to the 4-hour chart, we see a head and shoulders pattern and price action is now at the neckline.

As a bonus, we see support at the first shoulder at the 50% Fibonacci level with key levels above and below.

If you want to know more about Fibonacci on CGI cTrader, check out our last video. https://www.gcitrading.com/en/news-and-analysis/4-reasons-why-indices-like-the-nasdaq-have-fallenagain-forex-trading-usdcad-in-ascending-triangle/

Another indicator available on cTrader is the Parabolic SAR.

Look under Indicators, Trend, and Parabolic SAR.

For clarity, change the line thickness.

You can see that when the indicator dots move from one side of price action to the other, it likely indicates a reversal.

Also, you will note that when the dots spread out, it corresponds to more intense momentum.

When the dot spacing contracts, momentum eases.

As usual, backtest the Parabolic SAR on various pairs and time frames to see if this will fit into your trading strategy.

That’s all for now.

CFDs and FX are leveraged products, and your capital may be at risk.