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
- Trading Short Platinum. Forex Trading Long on GBPCAD; Short on EURGBP. Range Trading AUDUSD. June 20, 2024 07:12 AM
- Forex Trading Long on GBPCAD; Short on EURGBP. Range Trading AUDUSD. Silver (XAGUSD) in Falling Wedge at Support. June 17, 2024 07:24 AM
- Forex Trading Long Again on GBPUSD & NZDUSD. Range Trading AUDUSD. Japan Interest Rates Tomorrow. June 13, 2024 02:21 AM
- Forex Trading Long on GBPUSD & NZDUSD. USD Flies on Strong NFP! US & Japan Interest Rates this Week. June 10, 2024 03:17 AM
- Forex Range Trading Gold (XAUUSD). Silver (XAGUSD) in New Bear Run? US NFPs in Focus. June 06, 2024 07:36 AM
- Silver (XAGUSD) in Double Top. Canada and EU to Lower Interest Rates? US NFPs in Focus. June 03, 2024 04:26 AM
- Silver (XAGUSD) About to Reverse? Forex Trading Short on WTI. Gap Trading the DAX 40. May 30, 2024 08:07 AM
- Forex Trading Short on DAX, EURUSD & AUDUSD? Buy-the-Dip on Dow Jones Industrial Average? May 27, 2024 04:34 AM
- Forex Trading Silver (XAGUSD) at Lower Trend Line. WTI Stalled at Support. NASDAQ Higher but Dow Jones Lower. May 23, 2024 06:59 AM
- Metals Soar on Global Tensions. Gold (XAUUSD) at Record Highs. Forex Trading Short on AUDNZD May 20, 2024 10:22 AM
Open an account in minutes
Trade on our award-winning platforms with ultra-fast and ultra-secure execution.
OPEN AN ACCOUNT