Forex Trading Short GBPJPY. Gold (XAUUSD) Falls to Support. NFPs in Focus for the Fed. World’s Largest Gold Deposit Found!

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

We have been anticipating JPY strength for months now and it looks like it has finally arrived.

If you look at any JPY pair you will see roughly the same thing with bearish price action during the month of November.

We now see price heading to the upper trend line and we will watch our technical indicators for confirmation of a continued downtrend.

This positive news for JPY has a lot to do with an impending Interest rate rise by the BoJ, 19 December.

Gold has returned to support and many analysts believe this is due to a stronger USD.

There may be a lot more to it than that, however, as news agencies report that the war may be going very badly for Russia.

Also, over the weekend, it was announced that the world’s largest gold deposit has been found in China, suddenly making this a supply issue.

The stochastic oscillator is heading for oversold so let’s watch for a bounce or a break of support.

We see a similar situation on silver with price action at support and the stochastic oscillator heading into oversold territory.

USD looks to be consolidating to slightly weaker, or a lot weaker on USDJPY.

The markets are waiting for this week’s Non-Farm Payrolls to see if the Fed will cut next time.

Also, Canada will be announcing their monthly employment data, at exactly the same time as the US, and this can give us some interesting trading opportunities.

That’s all for now.

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