Forex Trading Long on Silver (XAGUSD). Technicals may Signal a Weaker Yen. S&P500 Trying to Break Descending Triangle.

In today’s GCI Market Outlook let’s take a look at Forex Trading on the S&P 500, AUDJPY, WTI & Brent Crude Oil, Gold (XAUUSD), and Silver (XAGUSD).

The 4-hour chart on Silver shows us price action falling to the lower trend line in this bull run.

The stochastic oscillator is showing bearish confluence so we may have to be patient if we want to go long on XAGUSD.

If we move out to the 1-hour chart we see what might be a falling wedge which is often a bullish indication.

Gold has pulled back from its highs but we may not have a clear indication until we hear more news out of the Middle East.

Gold and Silver are both paired with USD and we have lots of economic news out of the US this week.

This includes a speech from Jerome Powell, 2 PMIs, and the monthly US Non-Farm Payrolls, so watch for opportunities.

Both WTI and Brent Crude are showing the same overbought signal on the 4-hour charts, but the opposite on the daily charts.

So, a short trade on WTI might seem like the way to go but let’s wait for confirmation.

We looked at JPY pairs last time and we were waiting for a reversal.

All the pairs are showing an oversold stochastic oscillator looking to turn up but we are not convinced yet.

Also, we see the S&P 500 trying to break support on this descending triangle but watch the US economic news here as well.

That’s all for now.

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