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Gold (XAUUSD) Trying to Break Resistance. USDRUB at Pandemic Levels.

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and on behalf of Valutrades, today we will look at USDRUB, WTI (USOil), the Dow Jones Industrial Average (US30) and Gold (XAUUSD).

 

Be careful with your technical analysis this week as most of the price action will be driven by fundamental news based around the Ukraine crisis.Screenshot 2022-02-22 at 11.05.00

Gold, which always rises in times of geopolitical conflict, has passed the $1900 level and is trying to break resistance at $1910.Screenshot 2022-02-22 at 11.05.12

If we zoom out to the weekly chart we can see that price action has finally broken the symmetrical pennant that we have been watching for months.

We can see previous levels at about $1950.Screenshot 2022-02-22 at 11.05.29

The stock market has been affected, of course, and we see price action on the March contract on the DJIA at a key level of support.

Quite simply, investors are losing confidence with the possibility of sanctions against Russia, which will seriously affect the global economy.Screenshot 2022-02-22 at 11.05.41

Of course, any problems with Russia will affect the flow of oil and natural gas to Europe which, again, has driven the price of WTI to over $95 per barrel.

You may remember a few years ago that we were following the strength of the Russian Ruble.Screenshot 2022-02-22 at 11.06.01

We can now see from the USDRUB weekly chart that price action shows an extremely weak Ruble, at 2020 pandemic levels.

Sanctions against Russia will not help the value of the Ruble.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.22 February 2022 Technicals EN TN

 

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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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