USDCHF at Upper Trend Line. Forex Trading Gold XAUUSD in Symmetrical Pennant.

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

Gold has come down off its all-time highs, but what’s next?

Right now we see price action forming a symmetrical pennant.

Almost every time frame on gold tells a different technical story, with the stochastic oscillator on the 1-hour looking oversold.

So, we may see a return to the upper trend line.

On the daily chart, we see the opposite, but we see the MACD Histogram looking like the signal line may break out, which is often a bearish sign.

Last time we were looking at a descending triangle on WTI Crude Oil, and price action has broken out.

We might be looking at a range trading opportunity as we are at a key level of resistance.

We may have a technical signal to go short soon, but watch for the OPEC meeting next Wednesday, 1 October.

Yesterday, the SNB left interest rates at 0% and USDCHF climbed to the upper trend line.

Our technicals on the 4-hour are bullish but on lower time frames, show a bearish sign on MACD, and we see a double top forming.

That’s all for now.

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