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
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
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
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
GBP/USD
Mixed
USD/JPY
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
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.14% Gold: -0.69% Silver: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/guhQLALwYf
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.04% 🇯🇵JPY: -0.09% 🇨🇭CHF: -0.16% 🇦🇺AUD: -0.37% 🇬🇧GBP: -0.59% 🇳🇿NZD: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/X568Rs9WtB
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% US 500: 0.01% France 40: 0.01% FTSE 100: -0.05% Wall Street: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FocvtyS5wk
  • #Gold rose to a fresh two month high today just shy of the 1,800 level. The precious metal has since dropped slightly lower and is currently trading around 1,780 as US 10yr yields rose to an intraday high. $XAU $GLD https://t.co/oeY1Hkh0Eg
  • US 10yr Treasury yields just hit a fresh intraday high around the 1.58% level. Yields remain far off of the pandemic highs set around 1.75% in late March. $USD https://t.co/GCxSdIvBEl
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/o2NBAy00hQ
  • #Bitcoin is continuing to trade lower since its sell-off from above 60,000 earlier this week. The crypto is setting lower highs as the week advances and is currently trading just shy of the 55,000 level. $BTC https://t.co/mUqJu5Sau4
  • ETH/BTC spread back to levels last seen in August 2018... https://www.dailyfx.com/forex/market_alert/2021/04/22/Bitcoin-BTCUSD-Slide-Resumes-Ethereum-ETHUSD-Continues-to-Outperform.html
  • ECB Sources: ECB Hawks did not repeat calls for PEPP tapering at short, calm policy meeting on Thursday. #ECB $EUR
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇨🇦CAD: -0.08% 🇨🇭CHF: -0.10% 🇦🇺AUD: -0.44% 🇳🇿NZD: -0.61% 🇬🇧GBP: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8weSC1Z8kF
Gold Price Outlook: Support Holds, but Bulls Calm on USD Drubbing

Gold Price Outlook: Support Holds, but Bulls Calm on USD Drubbing

James Stanley, Senior Strategist

Gold Talking Points:

Gold Goes for Grasp of Support, Again

Gold prices came into the month of September with a full head of steam, setting a fresh six-year-high shortly after Labor Day at 1557.10. At that point, Gold prices had remained in a bullish trend for much of the prior three months and that continued a prior bullish run that had started in August of the year before. But, since that fresh six-year-high was set now three months ago, buyers have remained passive as a case of digestion has continued to show in global Gold markets. Support has thus far held around the 38.2% Fibonacci retracement of the summer breakout.

Gold Daily Price Chart

gold gld xau gold daily price chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Holds at Key Support

More recently, Gold prices have seen a slowing from sellers as support has built-in around a key area on the chart. I had discussed the 1453-1460 area in late-October, looking to this zone for a deeper sell-off should bulls fail to promptly return to the bid. Price action has since moved down to this area for multiple tests with a base of support beginning to show in this vicinity.

The four-month-low was set three weeks ago around that Fibonacci level looked at above, getting an assist from this key zone on the chart. Since then sellers haven’t been able to make much ground lower but buyers haven’t exactly taken-over either, leading to a choppy impasse on the charts that remains as we move into the final month of what’s been a busy 2019 in Gold.

Gold Price Eight-Hour Chart

gold eight hour price chart

Chart prepared by James Stanley; Gold on Tradingview

The first trading day of December brought some notable early moves into both US equities and the US Dollar, the latter of which fell from a key area of chart resistance. And while this did help to push Gold prices higher, buyers didn’t exactly take advantage of the situation to test above last Friday’s high around 1465. If bulls were, in fact, on the verge of staging a case of continuation from the earlier-year bullish run, this morning brought the ideal opportunity with worry in the headlines and USD-weakness on the charts. But buyers didn’t force fresh highs, leading to the prospect of continued impasse, at least for now, until bullish Gold drivers may re-appear to drive bulls back to the bid.

Gold Price Four-Hour Chart

gold price four hour chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Near-Term Strategy

As looked at above the longer-term theme of strength remains attractive here but, as has become the case over the past three months, timing that return remains as a challenge. The short-side similarly looks unclear as prices remain near a key zone of support and that could cap top-end profit targets for bearish swing plays, at least for now.

What could remain as workable in the near-term is the prospect of playing mean-reversion, looking for a revisit to support at which point longs could become actionable again. This could be following in the 1453-1455 area on the chart, at which point bullish range entries could be executed in looking for a return to range resistance around current levels.

Alternatively, should buying pressure show in a more pronounced manner, traders can look for a push up to fresh weekly highs to re-open the door for bullish trend strategies. Another zone of resistance potential sits from 1475-1480, and if prices can move into this area, the door re-opens for higher-low support around last week’s high, taken from around 1466.

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.

DISCLOSURES