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.

Free Trading Guides
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Heads Up:💶 Deposit Facility Rate due at 11:45 GMT (15min) Expected: -0.5% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-06-04
  • Heads Up:💶 Marginal Lending Rate due at 11:45 GMT (15min) Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-06-04
  • Heads Up:💶 ECB Interest Rate Decision due at 11:45 GMT (15min) Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-06-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.40%, while traders in US 500 are at opposite extremes with 78.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BjVYnfsHXz
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.62% Silver: 0.36% Oil - US Crude: -1.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/llYX3VfKF3
  • $EURGBP: A close above the high end of the zone cancels the last bearish signal and could trigger a rally towards 0.9015. Get your EUR/GBP technical analysis from @malkudsi here: https://t.co/vrZ2LODXky https://t.co/h1ksnzHtlO
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.14% 🇯🇵JPY: -0.03% 🇳🇿NZD: -0.04% 🇪🇺EUR: -0.23% 🇬🇧GBP: -0.28% 🇦🇺AUD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XaAYYsiHDf
  • $EURGBP: los avances encuentran resistencia ante la reunión monetaria del #BCE #PEPP #trading https://t.co/qgCAFZm8xO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.57% US 500: -0.61% Wall Street: -0.63% France 40: -0.76% Germany 30: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/587ISZaa3R
  • BoE's Executive Director Hauser says negative rates won't happen in the near-term even if it decided it is right thing to do $GBP
Gold Prices Trade in a Triangle Ahead of NFP

Gold Prices Trade in a Triangle Ahead of NFP

2016-03-03 14:35:00
Walker England, Forex Trading Instructor

Talking Points

  • Gold Traders Prepare for a Breakout Ahead of NFP
  • Bullish Breakouts Begin Over $1,248.44
  • SSI Reads Negative at -1.52

Gold Daily Chart

Gold Prices Trade in a Triangle Ahead of NFP

(Created using Marketscope 2.0 Charts)

Want more information on gold prices? Register for our Free Gold Forecast

Gold prices have remained relatively quiet this morning, and are currently range bound ahead of tomorrow’s NFP (Non-Farm Payrolls) data release. Tomorrow’s NFP announcement is set to provide volatility for a variety of US Dollar based pairs, and potentially create event risk for commodities. Current expectations for the event are set at 193k. It should be noted that last month’s release came in under expectations at 151k. This miss spurred an immediate selloff in the US Dollar, while also sending Gold prices higher.

Technically, Gold is currently consolidating in a symmetrical triangle as seen in the graph above. In the event of a bullish breakout, traders will first look for prices to rise above Tuesdays high at $1,248.44. At that point, traders may begin to target a new 2016 high above $1,263.37. Conversely, bearish breakouts begin under support found near 1,225.0. In this scenario, traders can potentially look for the beginning of a new downtrend after initially targeting the triangle low at $1,190.82.

Sentiment remains negative for Gold (Ticker XAU/USD) as SSI (Speculative Sentiment Index) is currently reading at -1.52. Even though sentiment has not reached an extreme, its current reading suggests further advances in the price of gold. In the event that the market does not breakout higher, traders would reasonably expect SSI to move back towards a more neutral value.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

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


News & Analysis at your fingertips.