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Gold Declines After Failing to Breakout Higher

Gold Declines After Failing to Breakout Higher

Walker England, Forex Trading Instructor

Talking Points

  • Gold Prices Turn at Resistance Near $1,375.00
  • Historical Bearish Price Distributions Begin at $1,356.00
  • If you are looking for more trading ideas for Gold and Commodities, check out our Trading Guides

Gold prices have begun to swing lower, after failing to break daily resistance near $1,375.00. This level was previously tested and rejected last week, before Gold prices declined to new lows on last Friday’s NFP data. As prices turn this morning, traders will look for technical clues to see whether price action will again attempt to breakout higher or decline towards last week’s lows.

Gold Price, 2 Hour Chart

Gold Declines After Failing to Breakout Higher

(Created by Walker England)

As prices trend toward Friday’s low at $1,335.33, traders should continue to monitor short term momentum for a potential breakout. Displayed in the 3-minute chart below, Gold prices may be seen trending lower over the last hour. This short-term decline in Gold prices has been noted by the GSI indicator by highlighting a series of newly printed lower lows. After reviewing 33,667,623 pricing points, GSI has indicated that price action has declined by a minimum of $1.00 cents in 62% of the 945 matching historical events. Of the matching historical outcomes, prices advanced $2.30 cents in just 23% of instances. If Gold is set to continue its decline this morning, traders should look for prices to pass through the first bearish historical distribution at $1,356.00. Alternatively, in the event of a bullish reversal, traders should monitor the final bullish historical distribution at $1,361.70.

Want to learn more about GSI? Get started learning about the Index HERE.

Gold Price 3 Minute GSI Chart

Gold Declines After Failing to Breakout Higher

(Created using Grid Sight Index)

SSI (speculative sentiment index) for Gold (Ticker XAU/USD) currently stands at -1.18. With 54% of positioning short, SSI has a slight bias towards further gains in Gold price. In the event of a further appreciation in price, traders should look for SSI to extend to a negative extreme of -2.0 or less. Alternatively, in the event that the Gold trades higher, traders should watch for SSI to neutralize and potentially flip towards a positive reading.

Gold Declines After Failing to Breakout Higher

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