Forex trading WTI at 50% Fibonacci level – Gold at record highs [Video]
|We all witnessed the big fall in the indices based on tariff threats and then confusion over the new Chinese AI sensation — Deepseek.
Thanks to the resilience of investors who bought the dip, the stock markets are recovering nicely.
With the S&P500, for example, almost filling the price action gap.
Tomorrow, the White House is planning to implement 25% tariffs on Mexico and Canada.
If so, this may cause turmoil with the currency and stock markets so expect the unexpected when you start trading on Monday.
We have been following our short trade on WTI Crude Oil and the pullback to the upside has broken through the upper trend line.
There is an OPEC meeting scheduled for Monday so we could see some movement.
If OPEC decides to increase or maintain the same level of production, we could see the bear run continuing.
The Stochastic oscillator is overbought but we need to keep an eye on our technicals and the news.
Also, on the daily chart, we see price action bouncing up from the 50% Fibonacci level.
Gold is now at record highs, probably as a safe haven while we ride out the US Tariff stupidity.
Purchases by central banks taking cover has price action beating last November’s highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.