Forex Trading with GCI on cTrader! Precious Metals at Support. UK Interest Rates in Focus.

In today’s GCI Market Outlook let’s take a look at Forex Trading on Gold XAUUSD, Silver XAGUSD, Platinum, Palladium, GBPUSD, and the S&P500.

A few years ago, much of my market analysis was based on the question of US/China relationships.

Here we are again!

All the US Indices show the same price action that looks like range trading.

But, beware. This is more about fundamental news events which very often outweighs technical analysis during a Trump administration.

For example, if we see US/China trade problems, the S&P500 may fall again.

If you want to stick with the technicals, the stochastic oscillator is very overbought and trying to cross and turn down.

But! Great news! GCI has just launched the cTrader platform!

If you want to try cTrader, just go to www.gcitrading.com and you can scroll down, click on cTrader and click for more information and downloads.

Keep an eye on our YouTube channel and website for more videos, webinars and blogs on the cTrader platform.

Getting back to forex trading, keep an eye on GBP as the market has priced in an Interest Rate reduction today.

However, many analysts don’t agree as the UK inflation figures are rising slightly.

Regardless, watch for volatility!

Here’s something we don’t see very often.

All the precious metals are forming reversal patterns and price action is at support.

This does not necessarily mean that price action will fall but watch for breaks of support to the downside and watch for key levels.

Again, gold will be more affected by geopolitical events and many analysts believe that XAUUSD will go to $3,000.

Also, the US Non-Farm Payrolls will affect price action on all of these along with the rest of the markets.

That’s all for now.

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