Forex Trading WTI Crude Oil at Support. Gold XAUUSD at All-time Highs…Again!

In today’s GCI Market Outlook, let’s take a look at Forex Trading on AUDUSD, EURUSD,

Silver, XAGUSD, Gold, XAUUSD, and WTI Crude Oil.

In our last video, we spotted this descending triangle on WTI and Brent Crude oil.

Price action has now fallen, right on cue, back to support.

If we look at the Energy Calendar, we see that we have an OPEC Meeting next Wednesday, 1 October.

Between now and then, there will be lots of speculation about production levels, so watch for volatility.

If we break through support, the next key level below is $60.75.

Last time, we were wondering if this pattern on gold was, in fact, a falling wedge.

Well, it sure behaved like one when price action broke out to record highs above $3,700.

Silver has done the same thing.

The last time the price of XAGUSD was this high was in 2011, at almost $50, and before that in 1980.

This may have to do with the latest round of USD strength against the COMMDOLS, like CAD, NZD, and AUD.

However, against pairs like EURUSD, we saw a pullback off the lower trend line that we spotted last time.

Our stochastic oscillator is looking very overbought and turning over on the 4-hour so we will keep an eye on this.

We see the same price action with USDCHF but with USD as the base currency.

That’s all for now.

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