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
Oil - US Crude
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
More View more
Real Time News
  • The Citi Economic Surprise Index tracking the US just turned negative for the first time since June 2020 This means economists are now overestimating the health and vigor of the economy, opening the door to disappointment ahead This does note bode well for NFPs next week...
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.04% 🇪🇺EUR: -0.05% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.13% 🇳🇿NZD: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yZQPhHsvEr
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q2) due at 02:30 GMT (15min) Previous: 2.9% https://www.dailyfx.com/economic-calendar#2021-07-30
  • Amazon Earnings Cast a Shadow on Nasdaq 100. APAC Stocks to Open Mixed https://www.dailyfx.com/forex/market_alert/2021/07/30/Amazon-Earnings-Cast-a-Shadow-on-Nasdaq-100-APAC-Stocks-to-Open-Mixed.html https://t.co/R5aoytGQvQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 77.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/DdoKAC3hFV
  • Delta Variant accounts for 92% of new Covid cases in the US https://t.co/Ub43kJfk3L
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:https://t.co/T3oQa9qksd https://t.co/WdLYBIYQKU
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:https://t.co/9iZa4oE4WQ https://t.co/wyhhb4Jqxa
  • Hang Seng Index Futures at Key Inflection Point, Top to Resume? - #HSI1! chart https://t.co/dYgRPKhc9h
  • Amazon Q2 Earnings: -EPS at $15.12, versus $12.28 estimate (23% higher) -Revenue at $113 billion, versus $115 billion estimate (1.7% lower) -Share price tumbled 7% during after-hours trade as the company reported a slight revenue miss and gave weak third-quarter guidance
Gold Price - Rising Wedge Formation on Verge of Collapse after US Job Data

Gold Price - Rising Wedge Formation on Verge of Collapse after US Job Data

Research, Research Team
Gold_Price_-_Rising_wedge_formation_body_1.jpg, Gold Price - Rising Wedge Formation on Verge of Collapse after US Job Data

Main Points:

• A breakout through rising wedge price pattern is expected very soon

Gold Prices are bullish as far as prices remains above $1182

• US Non-Farm Payrolls missed forecast, unemployment rate slumped to five-year low

Gold Price once again faced rejection at the 50% fib level resistance on Friday after mixed US jobs data. Thus, a two-month long daily rising wedge price pattern appears to be on the verge of collapse. Gold Prices are being traded around $1263 an ounce at 15:41 GMT on the COMEX division of New York Mercantile Exchange (NYMEX). Immediate support can be noted at $1250, which is the 38% fib level and channel support as shown in the following chart.

A break and daily close below channel support will break the two-month long rising wedge price pattern and expose $1236, which is the 55 Daily Moving Average (DMA). Below $1236, the next major support is seen near $1224, i.e. the 23.6% fib level and the last important support level before the swing low of the previous wave. Our bias about Gold price will remain bullish until the price dips below $1182 and prints a Lower Low (LL).

Gold Price Chart

Gold_Price_-_Rising_wedge_formation_body_Image35.png, Gold Price - Rising Wedge Formation on Verge of Collapse after US Job Data

On the upside, an immediate hurdle can be noted near $1282, which is the channel resistance, which can be seen in the above chart. A break and daily close above channel resistance will result in an upside breakout and may threaten $1292, which is a confluence of the 61.8% fib level and 200 DMA. A Higher High (HH) above $1278 will confirm bullish bias. Research shows that a Rising Wedge Formation ends at a downside breakout in 69% of cases. In upside breakouts, price usually remains vulnerable and ultimately pulls back a few days after the breakout.

Both Relative Strength Index (RSI) and the Commodity Channel Index (CCI) are hovering in neutral territory, meaning long moves might be in play very soon. A slight positive divergence may also be noted with MACD on higher timeframes. Meanwhile, non-farm payrolls in the US rose slower than expectations. However, the unemployment rate slumped to the lowest level since October 2008, according to Labor Department report. The economy could create just 113,000 jobs in January, far less than the median projection of analysts, which was around 180,000 to 185,000. Conversely, the unemployment rate hit 6.6% last month, i.e. at a touching distance from the Federal Reserve’s 6.5% threshold, after which a tight monetary policy stance could be a possibility.

After a dip in the jobless rate during January, it is now pretty likely that the Federal Open Market Committee (FOMC) policymakers will cut stimulus once again by $10 billion at the next monetary policy meeting. This is due to the job data result, which was almost the same in December, when the Fed made its tapering in QE decision. It is to be noted that the next FOMC meeting will be headed by the new Fed chairperson Janet Yellen, who has been a prominent dovish voice among Fed policymakers. Further tapering in the monthly asset purchase program worth $65 billion will provide more strength to the US Dollar, which is negatively correlated to gold prices.

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

DISCLOSURES