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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
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
More View more
Real Time News
  • Heads Up:🇮🇳 Markit Manufacturing PMI (FEB) due at 05:00 GMT (15min) Expected: 57.5 Previous: 57.7 https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇮🇩 Inflation Rate YoY (FEB) Actual: 1.38% Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇮🇩 Inflation Rate YoY (FEB) due at 04:00 GMT (15min) Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.75% Gold: 0.92% Silver: 0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SDuwP1gB7E
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.72% 🇳🇿NZD: 0.65% 🇬🇧GBP: 0.49% 🇪🇺EUR: 0.12% 🇨🇭CHF: 0.05% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/maFKPUDES5
  • Dramatic-looking Bearish Engulfing candle pattern with negative RSI divergence on the weekly #AUDUSD chart. A turn may be brewing. https://t.co/25jfu7eHaB
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/2Xfmpbd24B
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in GBP/JPY are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pXjqRmdicy
  • Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View - https://www.dailyfx.com/forex/market_alert/2021/03/01/Australian-Dollar-Unfazed-by-Chinese-PMI-as-RBA-Meeting-Shifts-Into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/mR4b8YAVIe
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/k2YkjBeSdW
Gold Prices Trend Lower Ahead of FOMC

Gold Prices Trend Lower Ahead of FOMC

Walker England, Forex Trading Instructor

Talking Points:

Gold prices have found short term support and are rebounding off of monthly lows at $1,151.07.This rebound has come ahead of this week’s FOMC rate decision which is expected to directly influence the price of Gold and the US Dollar.

Going into Wednesday’s event, technically Gold prices remain in a short term downtrend, as prices remain beneath the displayed 10 period EMA (exponential moving average) at $1,173.54. In the event that the US Dollar strengthens, traders may look for Gold to continue in the direction of the trend. However, if the US Dollar weakens, traders may look for Gold to move back towards its 200 day SMA (simple moving average) near $1,276.31.

Gold Price Daily Chart and Trend

Gold Prices Trend Lower Ahead of FOMC

(Created Using TradingView Charts)

What’s next for the US Dollar? Read Our Dollar Market Forecast HERE

Technically, the US Dollar Index (Symbol DXY) is trading lower for the session, after initially attempting to breakout higher. In the short term it should be noted that the US Dollar remains supported above today’s 10 period EMA at 100.88. If the US Dollar remains above this value, it may suggest that the Index may attempt to breakout to new yearly highs above 102.05. However, if the US Dollar is rejected later in the week, the Index may retrace its previous yearly gains and trade back towards its 200 day SMA at 96.22.

US Dollar Daily Chart and Trend

Gold Prices Trend Lower Ahead of FOMC

(Created Using TradingView Charts)

Looking for additional trade ideas for Gold and commodities markets? Read Our Gold Market Forecast

--- 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