Tariff Craziness Continues! AUD Interest Rate in Focus. Forex Trading Gold XAUUSD at Record High!

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

We see price action on the NASDAQ at the lower trend line, and the stochastic oscillator oversold.

But, is there any point in looking at the technicals right now?

A new edict came out of the Orange Office in Washington announcing 25% tariffs on automobiles and automotive parts.

This not only took market cap off the big US car makers, it also sowed more uncertainty into the markets in general.

This uncertainty, in the markets and in Ukraine has sent price action on gold to record highs.

Again, I won’t mention the technicals as this is purely a safe-haven move.

Last time we spotted a potential long trade on Silver and look what happened.

If we move out to the daily chart, we see that price action on silver is now at resistance from last November, which was a record high.

We are seeing a mixture of strength, weakness, and consolidation in AUD pairs.

This may be significant early next week as the RBA will announce its Interest Rate decision.

As well next week we have a variety of economic news announcements including the Non-Farm Payrolls and Canadian employment data.

But the biggest event will be next Wednesday when we hear about American tariffs.

This will mostly affect CAD, which has been weaker lately.

We see a huge falling wedge on USDCAD, price action is at the upper trend line, and the stochastic oscillator is overbought.

But, fundamental events will trump technical analysis.

Pardon the pun.

That’s all for now.

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