Forex Trading Short AUDUSD? Silver XAGUSD in Ascending Triangle. Gold Flying!

In today’s GCI Market Outlook, let’s take a look at Forex Trading on AUDUSD, Silver XAGUSD, and Gold, XAUUSD.

Last time, we saw price action on Gold forming a symmetrical pennant.

Price usually goes out the same way it came in, and look what happened!

Yes. XAUUSD passed $3,850, which was a number unheard of just one year ago.

Will it keep climbing?

Technical indications on higher time frames is still bullish on both MACD and the stochastic oscillator.

Silver is not following gold this time and seems to be stalled at resistance of $47 in this ascending triangle.

Watch this space.

All eyes will be on US employment figures this week, with JOLTS Job Openings today, ADP tomorrow, Unemployment Claims on Thursday, and the NFPs and the Unemployment Rate on Friday.

Jerome Powell is very wary of the labour market, so this week’s figures will be super important.

Overall, we are seeing a bit of USD weakness.

AUDUSD is especially notable as price action seems to be trying to break out of this trend channel.

This may seem a bit odd as AUD is weaker, in the short term, against all other currencies but USD.

That’s all for now.

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