Metals Soar on Global Tensions. Gold (XAUUSD) at Record Highs. Forex Trading Short on AUDNZD
Metals Soar on Global Tensions. Gold (XAUUSD) at Record Highs. Forex Trading Short on AUDNZD
![](/media/images/Screenshot_2567-05-2.2e16d0ba.fill-1600x400.format-webp.webp)
In today’s GCI Market Outlook let’s take a look at Forex Trading on NZDUSD, AUDNZD, Copper, Silver (XAGUSD), and Gold (XAUUSD).
Precious metal bears got caught off guard as everything shot up. Why?
We are always telling Gold traders that they need to watch the fundamentals before technicals as anything can happen.
Today, the price of gold shot up due to several factors:
- The sudden death of Iran’s president in a helicopter crash is a geopolitical event.
- Tensions in Gaza continue.
- Jerome Powell, who has COVID, said last week that there would be no new Interest Rate hikes coming soon.
- China is desperately trying to stabilise its troubled real estate market sending investors to gold as a safe haven.
This caused silver, platinum and copper to rise as well.
NZD is our strongest currency right now and the only technical opportunity we see is a potential short on AUDNZD.
We see price action reaching the upper trend line in this bearish channel and the stochastic oscillator is in overbought territory.
Also, on Wednesday, the RBNZ will announce its latest Interest Rate and Monetary Policy Statement.
There may be no change but this always causes volatility.
Also, watch out for Wednesday’s UK CPI inflation numbers.
GBP is strong against most other currencies (except AUD and NZD) but if inflation is coming under control, we may see a dip in the pound.
Latest Analysis
- WTI Crude Oil Still in Symmetrical Pennant. Buy the Dip on the Dow Jones. Forex Trading USD at Key Levels. Yesterday 04:30 AM
- US Political Uncertainty Affects Markets! Buy the Dip on the Dow Jones? CAD Interest Rate in Focus. July 22, 2024 10:11 PM
- Forex Trading Long GBPAUD. WTI Crude Oil moving Bearish? CHF Stronger; For How Long? July 18, 2024 04:47 AM
- Forex Trading long AUDUSD. WTI Crude Oil in Symmetrical Pennant. Inflation in Focus this Week. July 15, 2024 05:03 AM
- Forex Trading on JPY: Can it Get any Weaker? Trading Short WTI. Range Trading on CAC40? July 11, 2024 07:49 AM
- Forex Trading USDJPY & EURJPY. US Inflation in Focus. CAD Weaker on Poor Employment Data. Buy the Dip on CAC40? July 08, 2024 05:25 AM
- US Non-Farm Payrolls in Focus. Forex Trading Short on Gold (XAUUSD) and Silver (XAGUSD)? Trading Long CHFJPY. July 04, 2024 05:17 AM
- Elections in France and UK: Effect on GBP & EUR? Forex Trading Short NZDUSD. July 01, 2024 08:44 AM
- Forex Trading Short on AUDCAD. US Indices in Consolidation over Political Uncertainty. Today 07:36 AM
- Trading Short Platinum. Forex Trading Long on GBPCAD; Short on EURGBP. Range Trading AUDUSD. June 20, 2024 07:12 AM
Open an account in minutes
Trade on our award-winning platforms with ultra-fast and ultra-secure execution.
OPEN AN ACCOUNT