Forex Trading Short on WTI Crude Oil? JPY Consolidating. Silver (XAGUSD) Heading for Upper Trend Line.

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

It might be a good time to get ready for a short trade on WTI.

One of the things that many traders like to see is confluence of analysis on multiple time frames.

For example, on the hourly chart, we see a rising wedge and an overbought stochastic oscillator which are bearish signs.

On the 4-hour chart, we see the same situation.

Of course, it will be a good idea to wait for confirmation of a downturn before going short.

For example, a contraction and change of the Parabolic SAR.

On the daily chart, it’s the same again but the Main Line on the Stochastic Oscillator is at 98/100, which I don’t think I have ever seen before.

Speaking of rising wedges, we are still following the short opportunity on JPY pairs.

Or, are we seeing ascending triangles?

Either way, it’s consolidation and we are waiting to see if the big-money players are still getting out of their JPY short positions.

Price action on silver is on the rise and heading for the upper trend line.

Keep an eye on the technicals as we may rejoin the downtrend.

On gold, we are rising as well but price action may be forming a symmetrical pennant which may give us an excellent range trading opportunity.

That’s all for now.

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