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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/hqW38VawJl
  • - Unreal atmosphere - Shame about the result, but no complaints - Usyk masterclass - Heavyweight division blown wide open https://t.co/BKCLJTDk9h
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
Gold Prices React to a Stronger US Dollar

Gold Prices React to a Stronger US Dollar

Walker England, Forex Trading Instructor

Talking Points:

Gold prices are getting no relief in early trading today, as the market processes yesterday’s FOMC rate decision. While the event produced a 0.25% rate hike as expected, forward guidance is now leaning towards 3 potential rate hikes for the 2017 trading year. This policy move has caused the US Dollar to make significant gains and send commodity prices as a whole lower.

Technically, Gold prices are continuing to decline through every short term point of support intraday. Temporary support was found at today’s S3 pivot at 1,135.70, but that value was short lived as the downtrend has intensified. Now Gold is trading at the last point of intraday support at 1,128.28. This point is depicted below as the S4 pivot, and a move beneath this point exposes longer term values of support which includes the February 2016 low of 1,115.58. In the event that prices rebound, key points of intraday resistance includes the R3 pivot found at $1,150.26.

Gold Price 30 Minute Chart & Pivots

Gold Prices React to a Stronger US Dollar

(Created Using TradingView Charts)

Intraday analysis of the US Dollar (Ticker: DXY) has the Index at intraday resistance at 103.10. Traders should note that today’s high of 103.22 now stands as the highest reading seen December of 2002. If prices breakthrough today’s R4 pivot, traders may begin targeting the next point of long term resistance found at 107.31. In the event of a price reversal, traders may look for the US Dollar to decline back through the R3 pivot which is found at 102.66.

US Dollar 30 Minute Chart & Pivots

Gold Prices React to a Stronger US Dollar

(Created Using TradingView Charts)

--- 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