Dow Jones falls on tariff fears, time for a TACO trade? – OPEC to boost production [Video]

In today’s Market Outlook, let’s take a look at Forex Trading on Gold, XAUUSD, Silver, XAGUSD, WTI Crude Oil, Brent Crude, the NASDAQ, and the Dow Jones Industrial Average.

Yesterday, the White House sent out a volley of letters to many countries stating new tariff rates and the US Indices fell.

Today, Donald Trump stated that the 1 August deadline may be flexible, causing traders and investors to buy the dip.

This is what is known as the TACO trade, and we can see it here on the NASDAQ…and here on the DJIA.

Keep an eye on the news and your technicals.

Wall Street analysts predict oil futures will fall below $60 per barrel by the end of the year.

OPEC+ nations are expected to boost production in August.

Price just bounced off the upper trend line, and the stochastic oscillator has turned down from overbought.

Be careful, though, as price action on WTI and Brent is still in a slight uptrend.

Last time we spotted a range trading opportunity on silver, and it may be turning into a trend trading opportunity.

Regardless, our technicals have picked exit and entry points, and I encourage you to experiment with your favorite technical indicators.

Gold may be showing us a short opportunity with price action bouncing off the upper trend line and the stochastic oscillator looking overbought and about to turn over.

Keep an eye on geopolitical news and the strength of USD.

Also, watch out for the aftermath of the Australian and New Zealand interest rate decisions today and tomorrow.

In general, we see NZD weakness against all except JPY.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.