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
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
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
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/Xo7WQ5b8l1
  • US Dollar slips with high beta FX hovering at session highs amid results from Regeneron's antibody drug cocktail which prevented 100% of symptomatic infections and cut down asymptomatic infections by a half in interim study
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/5fpiYso1Cd
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 65.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ZRDJ40Pm7N
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.71% Silver: 0.20% Gold: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zqmOlNxmzC
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.05% 🇦🇺AUD: -0.08% 🇨🇭CHF: -0.09% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0T6Gdfci9d
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.41% France 40: 0.99% FTSE 100: 0.54% Wall Street: -0.06% US 500: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9YQNC5TRy0
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-26
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/gEojx3lvZH
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/GIR5NQK5G7
Gold Prices Rally as US Dollar Strength Fades

Gold Prices Rally as US Dollar Strength Fades

Walker England, Forex Trading Instructor

Talking Points:

  • Gold Prices Rally as US Dollar Strength Fades
  • Intraday US Dollar Support is Found Near 100.63
  • Next Resistance for Gold Price is Found Near $1,189.53

Gold prices have rebound from this morning’s low of $1,180.70, after the US Dollar initially rallied on better than expected GDP figures. US GDP (Annualized) was expected at 3.0%, but released at an actual 3.2%. If the US Dollar continues to retreat, this may signal a shift in momentum for commodities prices such as Gold. Traders should next be looking towards Friday NFP employment figures to better gauge the overall fundamental strength or weakness of the US Dollar.

US Dollar 30 Minute Chart with Pivots

Gold Prices Rally as US Dollar Strength Fades

(Created Using TradingView Charts)

Technically, the US Dollar Index (Symbol DXY) can be seen turning this morning at resistance near 101.43. This barrier is depicted above as today’s R3 pivot, and while prices have breached this point they have failed to trade significantly higher. This retracement has pushed the US Dollar back to support near today’s S3 pivot found near 100.90. If the US Dollar continues to weaken, traders may find next support for the Index under the current weekly lows of 100.63.

Gold Price 30 Minute Chart with Pivots

Gold Prices Rally as US Dollar Strength Fades

(Created Using TradingView Charts)

Gold prices are technically trading back above their weekly lows, and are attempting to move higher late into today’s trading session. Currently, prices are trading under Tuesday’s S3 pivot at $1,189.53. As a value of previous support, this pivot is now acting as short term resistance for Gold. If Gold prices strengthen later today, traders may look for the commodity to then press on resistance closer to $1,197.52. Despite bouncing this morning, Gold traders should remember that bearish breakouts may begin under $1,185.35. A move through this value should be seen as significant as it would suggest that the US Dollar is again beginning to strengthen.

--- Written by Walker, Analyst for DailyFX.com

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

See Walker’s most recent articles at hisBio 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