News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.60% 🇨🇭CHF: 0.42% 🇪🇺EUR: 0.38% 🇳🇿NZD: 0.07% 🇯🇵JPY: 0.07% 🇬🇧GBP: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FjanFfWVE9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.49% US 500: 0.27% Germany 30: 0.26% France 40: 0.21% FTSE 100: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jU8pwdzPYc
  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇨🇭CHF: 0.53% 🇪🇺EUR: 0.50% 🇯🇵JPY: 0.12% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G1tbmnQXlH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.19% Wall Street: 0.12% France 40: 0.02% Germany 30: -0.16% US 500: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7TV6gNkFhX
  • The Dollar's drop was not as clean against all of its major counterparts, but the $DXY's trade weighting translated EURUSD's rally into a bearish wedge break here. That said, this still qualifies as an inverse head-and-shoulders pattern https://t.co/FNg92kAOfP
  • IMF says downside risks are materializing in India $USDINR #NIFTY50
  • Dallas Fed's Kaplan: -Fed likely to achieve 'substantial progress' metric faster than expected -There are side effects from bond purchases -Still supports bond purchases but economy has improved faster than anticipated -Fed to reach full jobs, price goals some time in 2022
  • Key break higher for gold this morning as it pushes above $1800 for the first time since February https://t.co/Ih2e5I7ddS
Boss of Bullion City

Boss of Bullion City

Walker England, Forex Trading Instructor

Since our last article, Gold Rush Continues , metals have continued to extend their rally. Looking back our first projection was set at the $1470.00 toz level for XAU/USD. Price has cruised through that point, making new all time highs at $1,576.05 toz for gold on April 2nd. This equates to a 20% move on the year from our established low in January at $1,307.45 toz.

Demand is clearly on the rise as well. With gold rallying for over a decade now, many central banks are scrambling to accumulate bullion to diversify their currency reserves. It has recently been released that Mexico has purchased 93.6 tons of bullion, with an estimated sale value around $4.6 billion. With demand on the uptick and supply for gold limited, prices still look poised to move higher.

xau.05.04_body_Picture_1.png, Boss of Bullion City

Price Action

Moving price to a 4Hr chart we can get a better look at gold’s vertical ascent to new highs. Our current trend line has held firm, with multiple prior tests to validate its strength. Buyers can look to enter in the direction of the trend near support. Sellers of gold are left out again, and must wait for a breakout prior to any chance of a sell off.

xau.05.04_body_Picture_2.png, Boss of Bullion City

Trading Opportunity

My preference is to take advantage of this sell off and use the opportunity to join the trend. If price reaches support we can establish buy orders near the $1,525.00 toz level. Looking for the trend to continue we should set our limits at $1,585.00 or better. Stops should be set below the previous low at $1,490 for a clear 1:2 Risk Reward level.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email instructor@dailyfx.com to be added to the distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES