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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
Gold Price Outlook: XAU/USD May Rise as Week Wraps Up, Eyes on US Data

Gold Price Outlook: XAU/USD May Rise as Week Wraps Up, Eyes on US Data

Daniel Dubrovsky, Strategist

Gold, XAU/USD, University of Michigan Sentiment, IGCS, Technical Analysis - Talking Points:

  • Gold prices aimed slightly higher, attempting to recover prior flash crash
  • Softer University of Michigan Sentiment data could offer XAU/USD upside
  • Retail traders reduced upside gold exposure, IGCS hints prices may rise

Anti-fiat gold prices aimed cautiously higher on Thursday, albeit price action was fairly restrained. The yellow metal still finds itself slowly recovering from the flash crash at the onset of the week. Treasury yields rose, but the US Dollar remained fairly restrained. XAU/USD likely capitalized more so on price action in the latter than from the former.

Looking at the remaining 24 hours of the week, gold is turning to University of Michigan Sentiment data after a fairly quiet Asia Pacific trading session. According to the Citi Economic Surprise Index, economists are now tending to overestimate the health and vigor of the economy. That could open the door to a softer-than-expected report. If such an outcome dents US bond yields, then gold could continue on its slow and steady push higher.

Check out the DailyFX Economic Calendar for more key events!

Gold Technical Analysis

XAU/USD appears to have confirmed a bullish Morning Star candlestick pattern on the daily chart below. That could hint at further gains to come in the coming sessions. However, keep in mind that a bearish ‘Death Cross’ is still in play between the 20- and 50-day Simple Moving Averages (SMAs). These could reinstate the dominant focus to the downside as key resistance points.

XAU/USD Daily Chart

Gold Price Outlook: XAU/USD May Rise as Week Wraps Up, Eyes on US Data

Chart Created Using TradingView

Gold Sentiment Analysis

According to IG Client Sentiment (IGCS), about 72% of retail traders are net-long gold. Upside exposure has decreased by 1.55% and 7.15% over a daily and weekly basis respectively. We typically take a contrarian view to crowd sentiment. The fact that most traders are net-long hints prices may continue falling. However, recent shifts in sentiment now warn that the price trend may soon reverse higher.

Gold Price Outlook: XAU/USD May Rise as Week Wraps Up, Eyes on US Data

*IGCS chart used from August 13th report

--- Written by Daniel Dubrovsky, Strategist for

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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