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
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
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • PBoC sets Yuan reference rate at 6.6725 against the US Dollar - BBG
  • #Silver retracing its losses earlier in the session as price carves out a Bear Flag pattern With resistance at $25 holding firm, further losses appear in the offing A daily close below the 21-DMA (24.20) may open the door for a retest of 61.8% Fib support (21.74) $SLVR $SLV https://t.co/rCl3Ms3FB3
  • The Nasdaq 100 index looks set to pull back amid bearish momentum in the near term. The 50-Day Simple Moving Average (SMA) line may serve as an immediate support. Get your #equities update from @margaretyjy here: https://t.co/5Axsg6gAdd https://t.co/rToHnPLSeS
  • $GBPUSD the outlier early in the session, up marginally as UK-EU Brexit negotiators extend talks until October 28 https://t.co/ey92YW4RJw
  • #CrudeOil down 1.95% on the back of tightening #COVID19 restrictions in several European nations $EURUSD nudging marginally lower https://t.co/PUWTfKl08f https://t.co/XuyQOzV6sj
  • Market Snapshot Broad risk-off tilt to kick-off APAC trade #Gold and #CrudeOil prices plunging lower alongside the risk-sensitive $AUDUSD Haven-linked $JPY and $USD moving higher against their major counterparts
  • Wall Street Futures Update: Dow Jones (-0.504%) S&P 500 (-0.536%) Nasdaq 100 (-0.484%) [delayed] -BBG
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/zSCf8azESa
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/tJWOXZCoBw
Gold Prices Slide Into Tomorrow’s NFP Event

Gold Prices Slide Into Tomorrow’s NFP Event

2016-10-06 16:35:00
Walker England, Forex Trading Instructor
Share:

Talking Points

Nothing appears to be able to stem the decline in Gold prices as the commodity is set to close lower for the 8th consecutive trading day. This dramatic drop has been fundamentally advanced by traders expecting U.S. interest rates to rise before the end of the year. Gold traders will continue to monitor prices through tomorrows NFP event, expecting that the outcome may affect the FED’s upcoming rate decision. Technically, long term charts are now testing support above $1,250.00. A break below this value may have serious implications for Gold, as prices would then be open next test the June 2016 low at $1,199.50. Alternatively, traders may monitor short term trends to evaluate if any semblance of a rebound is in order.

Gold Prices 1 Day, Support $1,250.00

Gold Prices Slide Into Tomorrow’s NFP Event

(Created using TradingView Charts)

Referencing the 10 minute graph below, the price of Gold can be seen trending lower. The Grid Sight Index (GSI) has picked up on a short term uptrend however, by identifying a series of higher highs created in the last 2 hours of trading. After reviewing 28,622,512 pricing points, GSI has also indicated that price action has continued to increase by $1.30 or more in 62% of the reported 103 matching historical events. This places the first historical bullish price distribution at $1,260.00. If Gold prices trade through this value, it may suggest that the commodity remains at least temporarily supported above support.

Alternatively, GSI has indicated that prices have declined by $4.60 or more in 38% of the identified historical instances. This places the first bearish historical distribution at a price of $1,253.10. A move through this point would signal a shift in momentum back in the direction of Golds primary trend. In this scenario, traders may look for new breakout opportunities beneath the existing daily low.

Gold Prices Slide Into Tomorrow’s NFP Event

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

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

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES