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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/5gsZQfX6aG
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/DwkK9F9FCJ
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/30/Gold-Technical-Forecast-Election-Raises-Volatility-Risk-But-Support-Holds.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5hgGEojvIE
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/Frmn9y6yKJ
Gold Prices May Extend Gains on Soft US Economic Data

Gold Prices May Extend Gains on Soft US Economic Data

2017-05-30 07:25:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Gold prices rise as UK pre-election poll stokes uncertainty fears
  • US news-flow may cool Fed rate hike bets, extending gold gains
  • Crude oil prices bounce, looking ahead to key EIA and API data

Gold prices rose, moving inversely of a steep drop in the British Pound. That move was triggered by a poll showing the ruling Conservatives’ lead ahead of the upcoming UK general election shrank to the smallest since mid-July 2016, stoking political uncertainty jitters. Looking ahead, a round of soft US economic data may weigh on Fed rate hike bets and push the yellow metal higher still.

Crude oil prices corrected higher after last week’s post-OPEC meeting plunge. The next batch of significant event risk enters the picture on Wednesday. The EIA releases monthly output figures and API will publish its estimate for weekly inventory flows. OPEC General Secretary Mohammad Barkindo is also set to meet with Russian officials in Moscow. In the meantime, consolidation seems likely.

Retail traders are betting on gold gains. Find out here what that hints about on-coming price moves.

GOLD TECHNICAL ANALYSISGold prices broke through resistance in the 1256.74-63.87 area, completing a bullish Triangle chart pattern (as expected). A daily close above the 38.2% Fibonacci expansion at 1280.35 exposes the April 17 high at 1295.46, followed by the 50% level at 1300.73. Alternatively, a reversal back below 1256.74 targets a chart inflection point at 1256.74.

Gold Prices May Extend Gains on Soft US Economic Data

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices’ recovery stalled at resistance marked by the 23.6% Fibonacci expansion at 50.09 after finding support above the $48/barrel figure. A daily close above this barrier exposes the 38.2% level at 51.28, followed by a falling trend line at 51.87. Alternatively, a turn below the May 26 low at 48.16 sees the next layer of significant support in the 46.47-47.12 area.

Gold Prices May Extend Gains on Soft US Economic Data

Chart created using TradingView

--- 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