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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
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
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
GBP/USD
Mixed
USD/JPY
Bullish
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 Japanese Yen fell for a third consecutive week with price testing resistance into June open. Here are the levels that matter on the $USDJPY weekly technical chart. Get your #currencies market update from @MBForex here: https://t.co/1QPXP0g7Ew https://t.co/WUtXHoRoQX
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/I4yCjs2ja0
  • The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Get your #currencies market update from @nickcawley1 here: https://t.co/lpHneO3s2h https://t.co/bZ5klohLNd
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/VAYy9FGHcQ
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
Gold Prices on Pace for Longest Loss Streak in 6 Months

Gold Prices on Pace for Longest Loss Streak in 6 Months

2016-05-24 07:30:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices working on fifth consecutive decline on Fed rate hike bets
  • Crude oil prices continue to show signs of topping below $49/bbl mark
  • Upbeat surprise on US New Home Sales data may punish commodities

Firming bets on a near-term Federal Reserve interest rate hike continue to undercut demand for anti-fiat and non-interest-bearing assets, weighing on gold prices. The yellow metal dropped to a one-month low while priced-in year-end outlook for the US central bank’s benchmark lending rate implied in Fed Funds futures rose to the highest since late March.

More of the same may be on tap if the upcoming release of April’s New Home Sales figures tops expectations. US economic news-flow has cautiously improved relative to consensus forecasts in the past two weeks, opening the door for an upside surprise. Crude oil prices may likewise trade lower in this scenario as the prospect of on-coming monetary tightening weighs on risk appetite, pressuring sentiment-sensitive assets including the WTI contract.

Are retail traders buying or selling gold? Find out here!

GOLD TECHNICAL ANALYSISGold prices are working on their fifth consecutive down day, which if confirmed, would make for the longest losing streak in six months. Near-term channel floor support is at 1237.72, with a break below that on a daily closing basis targeting the 38.2% Fibonacci retracement at 1205.30. Alternatively, a move back above resistance marked by the 23.6% Fib expansion at 1261.70exposes the 1294.26-1307.49 area (January 22 2015 high, 38.2% expansion).

Gold Prices on Pace for Longest Loss Streak in 6 Months

CRUDE OIL TECHNICAL ANALYSISCrude oil prices remain locked in a narrow range a Shooting Star candlestick reinforced by negative RSI divergence continue to warn of topping in the works. A daily close below range support at 47.41, the 38.2% Fibonacci expansion, opens the door for a test of the 23.6% level at 45.73. Alternatively, a break above range resistance at 48.77 marked by the 50% Fib exposes the 61.8% expansion at 50.13.

Gold Prices on Pace for Longest Loss Streak in 6 Months

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.