Forex Trading Gold (XAUUSD) in Rising Wedge. Natural Gas in Focus. Buy the Dip on NASDAQ?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on the NASDAQ, Gold (XAUUSD), NZDUSD, and Natural Gas.

We see price action on natural gas at the upper trend line but in a downtrend.

Later today, 10:30 NY time, the US Natural Gas storage report comes out and any figure higher than 33 billion cubic feet may drive price action with the trend giving us a great short opportunity.

This week the bank — ANZ — published a surprisingly positive report on the state of business in New Zealand, driving NZD higher.

When we see big moves like this, we wonder when the reversal might be coming.

If we look at price action on NZDUSD on the daily chart, we see various levels of resistance so we know we have room to move even higher.

We will keep an eye on this of course.

We are still monitoring price action on gold looking for the reversal and we spotted this rising wedge last time.

The stochastic oscillator is still overbought and MACD is leveling off and may turn down soon.

Earnings reports and forecasts out of the US equities world, especially with companies like Nvidia, were not great.

Therefore, the NASDAQ has fallen further than other US stock indices.

Is it time to buy the dip?

Maybe not yet as we may want to wait for more tech company earnings this week, the stochastic oscillator to turn up from oversold, and some bullish indication from MACD.

That’s all for now.

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