US Non-Farm Payrolls in Focus. Forex Trading Short on Gold (XAUUSD) and Silver (XAGUSD)? Trading Long CHFJPY.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on USD, Gold, XAUUSD, Silver, XAGUSD, CHFJPY, GBPCAD, and AUDCAD.

USD suddenly went lower this morning and the US NFPs are out tomorrow.

To be honest, any trends that were occurring just got confused by this morning’s fall in USD value.

So, for tomorrow’s NFP report, we will have to be very careful analyzing after the event tomorrow.

However, on gold and silver, the USD weakness had a bigger effect.

On the 4-hour chart, we see price action reversing and the stochastic oscillator is overbought and reversing.

MACD isn’t helping us but, if we move out to the 1-hour chart, we see double tops and MACD with a bearish break.

The daily charts show price action trying to break the upper trend line of a downtrend, but let’s wait for confirmation before going short.

CHF suddenly went very weak as well with lower-than-expected inflation figures but price action went WITH the trend.

Except against JPY which is notoriously weak right now.

Going long on CHFJPY might be a good option but wait for confirmation on this or a lower time frame.

Canadian employment figures are due out at the same time as the NFPs tomorrow as well.

We see bearish rising wedges on GBPCAD and AUDCAD but watch out for GBP volatility as the UK elections are taking place today.

That’s all for now.

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