Gold (XAUUSD) in Ascending Triangle. Forex Trading Short on USDJPY. EURUSD in Falling Wedge.

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

As we can see, all the JPY pairs are in a bearish run with price action reaching the upper trend line.

To add to the technicals on USDJPY specifically, we see the stochastic oscillator looking very overbought and about to turn over.

This candlestick pattern could be tweezer-tops when the current candle closes.

Also, the Bank of Japan will announce its Interest Rate next week and we expect a rise which will drive JPY pairs to the downside.

We find USD weaker since the beginning of August with the Democrats looking likely to take the White House in November.

A recent pullback is obvious but we see, for example, a falling wedge on EURUSD which is a bullish indication.

We find Gold at near record highs and price action has formed an ascending triangle and price could go either way.

The weaker USD is helping keep the price of gold high.

We see a similar situation with Silver in what could be an ascending triangle or, in fact, a symmetrical pennant.

That’s all for now.

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