Trading WTI (US Oil) and Brent (UK Oil) Volatility. USD Stronger Still. Gold Falling.

Hey Valutraders! Did you trade the volatility in WTI last week?

I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at Gold (XAUUSD), GBPUSD, the NASDAQ, the DJIA, the S&P 500, and WTI (USOil).

Last Friday, high inventories pushed prices of oil down then the markets pushed them back up.

Then, the US PCE report made the USD stronger pushing prices back down.

Then, Poland noticed that Russia turned off the feed of oil and the price jumped dramatically.

Now, in the new week, prices are retracing and we will look at this from the technical side tomorrow.

The latest set of US economic data and Friday’s PCE report has the Fed increasing Interest Rates again so the USD is getting stronger.

We will look at USD technical levels tomorrow but be aware for the moment that price action on GBPUSD is at a key level of support and a break below might see it going to $1.19.

Let’s see if Andrew Bailey’s speech on Wednesday can alleviate the slide in GBP.

As well, watch for Retail Sales reports from Japan and Australia and Gross Domestic Product reports from France, Switzerland, Canada and Australia.

The threat of higher Interest Rates has affected stock indices around the world with the NASDAQ heading back to the 200-day moving average, the S&P 500 falling to this lower trend line, and the Dow Jones Industrial Average falling to this level of support at 32,800.

Gold is also falling back to this demand zone based on the strength of the USD.

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