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
GBP/USD
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
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Ai9FWJJ6g7
  • 🇺🇸 MBA Mortgage Applications (23/JUL) Actual: 5.7% Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.77%, while traders in Wall Street are at opposite extremes with 74.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xocIEsnpei
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/JUL) due at 11:00 GMT (15min) Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • Bitcoin (BTCUSD) putting in a decent shift and back above $40k - ignoring the 'will they/won't they?' Amazon chatter. #bitcoin #btc @DailyFXTeam Prices via @IGcom https://t.co/jXB2fP11kG
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:https://t.co/7G7pWntiyY https://t.co/IwfNn9HRhM
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.29% Gold: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ClrxkIhs94
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.25% 🇨🇭CHF: 0.03% 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.13% 🇳🇿NZD: -0.21% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OCHk2MUjOO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.82% FTSE 100: 0.28% Germany 30: 0.19% US 500: 0.18% Wall Street: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rbdrdjj6kp
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/NPHJ7riOrS
Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Michael Boutros, Strategist

Talking Points

Gold Weekly

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Gold Daily

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Gold approaches critical resistance confluence into 1155
  • Risk for a pullback from here but trade remains constructive above 1133/34
  • Breach targets resistance objectives at 1164 & 1170
  • Subsequent resistance at the 200DMA 1179
  • Interim support 1147 backed by bullish invalidation at 1133/34
  • Daily RSI turn ahead of 40- constructive
  • Momentum breach above 60 would be bullish

Gold 30min

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Notes: Gold has rallied back into critical resistance after breaching the monthly & weekly opening range highs today. The immediate risk for a pullback off this level with interim support eyed at the confluence of the monthly opening range high & the 61.8% extension at 1147 backed by 1141 and our bullish invalidation level at 1133/32.

Bottom line: Expecting a pullback here but we’ll be looking to buy dips / long triggers while above the monthly opens with a breach of the highs targeting subsequent resistance objectives at 1164, 1170. Event risk is rather limited heading into the close of the week but keep we’ll keep a lookout for tomorrow’s final revision of U.S. 2Q GDP. Consensus estimates call for no change to the growth figures with personal consumption expected to be revised slightly higher to 3.2% and a weaker read on the releases could help further support gold in the near-term.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForexcontact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES