WTI Crude Oil Approaching Resistance. Forex Trading Gold XAUUSD at All-Time High! Silver XAGUSD at 14-Year High.

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

For the first time ever, the price of gold reached $3500 and a little higher.

There are many reasons for that.

Finally, the Fed might be ready to lower interest rates this month which means a weaker USD and therefore higher gold.

Also, increased tensions in the Middle East, US courts trying to reverse the crazy tariffs, the White House threatening the independence of the Fed, and general political uncertainty sent investors to the safe haven of gold.

Silver saw the same effect but we can see price action slowing down and consolidating.

We aren’t quite confident on trading a reversal just yet though.

As mentioned, we are seeing USD weakness across the board.

For example, if we take a look at EURUSD, we see USD weakness but, has price action broken the channel?

Keep an eye on the news and watch you technicals to get some idea on direction.

And check all USD pairs for similar opportunities.

Critically, this week’s US economic news, especially the Non-farm payrolls where we rarely see a forecast this low.

You would expect the possibility of lower interest rates to be favourable to US indices but we see the DJIA trending down into consolidation.

We are seeing various patterns in the index charts but this week’s economic news will give investors some direction.

Also, keep in mind that everyone in NY will be back to work today so watch for volatility.

And, to finish up, all this may affect the price of oil which is approaching resistance at $65 and overbought technicals.

That’s all for now.

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