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Gold Prices Bounce as USD Retreats, Can GLD Bulls Hold the Line?

Gold Prices Bounce as USD Retreats, Can GLD Bulls Hold the Line?

James Stanley, Senior Strategist

Gold Price Talking Points:

Gold Bulls Come Back After Q4 Open

The late-September ramp in the US Dollar produced a noticeable dent in Gold prices. But, given the prior bullish trend, which started over a year ago and hastened through the summer until prices were well-overbought, the pullback theme, particularly around the Q3 quarter-end, isn’t all that surprising. I had looked at this scenario around Gold prices a week ago, looking for support areas around 1475 and 1450. The latter of those levels has yet to come into play while the former was traded through. More interesting, however, is how the Q4 pullback in the US Dollar has helped to produce a reversal formation on the Daily Gold chart, as a spinning top on Tuesday led to a strong showing on Wednesday, pushing price action back above the 1500-handle. That’s so far continued through Thursday trade as even more negative US data has helped to prod the US Dollar lower and, correspondingly, Gold prices higher.

Gold Price Daily Chart

gold price daily chart

Chart prepared by James Stanley; Gold on Tradingview

Is the Gold Price Pullback Finished?

At this stage the return of the bullish trend in Gold could be difficult to chase. Prices have already ramped by more than $50 off the lows and near-term price action is currently testing as resistance a prior zone of support. This produces a potential trap scenario for Gold bulls looking at intermediate-term strategies, particularly considering the fact that a big USD-driver sits on the economic calendar for tomorrow morning with US Non-Farm Payrolls due.

Gold Price Four-Hour Chart

gold price four hour chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Price Short-Term Strategy

For Gold bulls, navigating to shorter-term time frames may be of help as this can, at the least, help with moderating risk outlay for bullish approaches. Given the higher-highs and higher-lows that have posted so far since the Q4 open, traders can look for a continuation of that formula to allow for topside trend strategies. The prior higher-low printed around 1495.60, and below that is another prior support/resistance swing of interest around 1486.60. A pullback accompanied by buyer support ahead of the former of those prices keeps the short-term trend approach in working order; while a deeper pullback to the latter level at 1486.60 opens the door for swing strategies.

Gold Price Hourly Chart

gold price hourly chart

Chart prepared by James Stanley; Gold on Tradingview

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

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