USD Weaker with Risk-On in NASDAQ and S&P500. Gold XAUUSD & Silver XAGUSD in Bear Runs with Pullbacks.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on Gold, XAUUSD, Silver, XAGUSD, NZDUSD, AUDUSD, EURUSD, the Dow Jones Industrial Average, the S&P500, and the NASDAQ

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.

The markets are a funny thing, as sometimes, they do the opposite of what the data shows us.

We have higher inflation, political chaos, geopolitical crises, and uncertainty all over the world.

But, the US Federal Reserve thinks that inflation is transitory, as they call it, because of the blockade in the Strait of Hormuz, they see no risk of a recession, and inexplicably, the Chicago Fed president actually voted for an interest rate cut this week.

Was this enough to encourage investors?

Something did as we see the US indices like the NASDAQ and the S&P500 on fire again.

This may also be a factor of the renewed excitement in AI investment and positive earnings reports.

84% of S&P500 companies beat estimates, and growth is elevated at 13%.

We also see the Dow Jones Industrial Average wiping out its 7-day bear run, so keep an eye on the all-time highs.

This risk-on mood has shifted many investors out of cash and back into equities, and we can see USD falling against all other currencies.

Technically, EURUSD is in a downtrend with the stochastic oscillator overbought and turning over.

We see a similar opportunity in NZDUSD in a range trading scenario.

And again in AUDUSD.

And, just like EURUSD, the weakness in USD created a pullback in gold and silver, giving us technical opportunities.

If we zoom into the 30-minute chart on gold, we see a descending triangle, which may have moved on by the time you see this video, but you may note a lack of price action due to the various holidays today and Monday.

Next Tuesday, we see an interest rate decision by the Reserve Bank of Australia.

We have seen recent volatility in AUD pairs, so watch for fundamental and technical opportunities.

That’s all for now.

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