Oil Surges to $115 | AUDUSD Breakdown Setup | Gold & Silver at Key Support

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

Just a reminder that these videos are intended as educational, we are only observing current market conditions, and these are not to be considered as trading advice.

Tensions regarding the Iran war are continuing and getting worse, with the US’ Donald Trump threatening civilian infrastructure and the Iranians only letting certain countries’ oil tankers through the Strait of Hormuz.

If we look at the weekly chart on Brent Crude Oil, we see what happened in 2022 with the Russian invasion of Ukraine.

This is how high oil can go.

We see the same price action on WTI, but we see the price of WTI is roughly $2 higher than Brent Crude.

What does that mean?

Quite simply, with the supply issues from the Middle East, demand for WTI has increased dramatically.

Supply and demand are everything in every market.

Keep an eye out for tomorrow’s US Crude Oil Inventories and the ever-moving deadlines on the opening of the Strait.

Many analysts fear the worst with higher crude prices.

Last week’s Non-Farm Payrolls were much better than forecast, so the USD is still getting stronger.

However, we are seeing resistance in pairs like USDCHF, and price action is forming an ascending triangle.

Take a look at all USD pair charts, as this is a common pattern.

In AUDUSD, we see price action forming a symmetrical pennant and every sign that the pair will continue to fall.

The stochastic oscillator is still heading down.

If we move out to the daily chart, we see an obvious downtrend with price action at the upper trend line.

The stochastic oscillator is mid-range but already turning back down.

This week, we have an FOMC statement, and we will have economic news on US CPI, which will also give the Fed some idea about future interest rates and, as a result, the value of USD going forward.

Also, we see the RBNZ interest rate decision tomorrow.

This could be key if there are any surprises, as we can see by the daily charts, a very weak NZD since March of this year.

Any surprises from the decision or the following press conference could give us an opportunity.

As we know, gold increases in price as a safe haven during times of geopolitical conflict or political instability; we have lots of that now.

Silver is again following gold, and both are in uptrends, and price action is at the lower trend lines.

That’s all for now.

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