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
Bearish
GBP/USD
Bullish
USD/JPY
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
Gold
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Heads Up:🇨🇦 CAD Bank of Canada's Poloz Gives Speech in San Francisco due at 02:45 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-15
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/j9tsR23fLd
  • RBA Deputy Governor Guy Debelle: Mortgage arrears unlikely to rise "substantially", Australia mortgage arrears increasing steadily -BBG #RBA $AUDUSD
  • RBNZ's Hawkesby: Need to see how outlook evolves heading into February. Already expect soft activity for remainder of 2019 -BBG #RBNZ $NZDUSD
  • RBNZ's Hawkesby: Rate cut in February would require outlook to change, February rate decision is "live" -BBG $NZDUSD
  • Heads Up:🇨🇦 CAD Bank of Canada's Poloz Speaks at San Francisco Fed Conference due at 02:15 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-15
  • 👀 https://t.co/xfH8wntdvn
  • The$USD is attempting a recovery against the Philippine Peso and Malaysian Ringgit. Well-defined resistance levels are still keeping the USD/PHP and USD/MYR downtrend intact.Get your market update from @ddubrovskyFX here:https://t.co/Qb4yAhiaog https://t.co/U8xm3duUJM
  • EUR/JPY IG Client Sentiment: Our data shows traders are now net-long EUR/JPY for the first time since Oct 17, 2019 when EUR/JPY traded near 120.82. A contrarian view of crowd sentiment points to EUR/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/YqzjqSxy4X
  • Heads Up:🇨🇳 CNY New Home Prices (MoM) (OCT) due at 01:30 GMT (15min), Actual: N/A Expected: N/A Previous: 0.53% https://www.dailyfx.com/economic-calendar#2019-11-15
Gold Price Weekly Outlook: XAU/USD to Threaten Yearly Range Lows

Gold Price Weekly Outlook: XAU/USD to Threaten Yearly Range Lows

2019-03-29 16:00:00
Michael Boutros, Technical Strategist
Share:

Gold prices are poised to close lower on the week with the precious metal down more than 1.4% to trade at 1294 ahead of the New York close on Friday. Although the broader outlook is still constructive, the risk remains for a larger setback heading into the April open. Here are the key targets & invalidation levels that matter on the Gold (XAU/USD) weekly chart.Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Weekly Price Chart (XAU/USD)

XAU/USD Price Chart - Gold Weekly

Notes: In my previous Gold Weekly Technical Outlook we noted that a price rebound off slope support was vulnerable while below the, “yearly high-week close at 1327 with a topside breach there shifting the focus back toward the 2018 high-week close at 1350.” XAU/USD registered a high at 1324 before turning over with price on pace to mark an outside weekly-reversal off the March high.

Key weekly support rests at 1275/76 where the objective yearly opening-range low converges on the 38.2% retracement of the 2018 advance and former pitchfork resistance. A break below this threshold would expose key confluence support and broader bullish invalidation at 1253/58- look for a bigger reaction there IF reached. Resistance steady at 1327 with a breach above the 2018 high-week close at 1350 needed to keep the long-bias in play targeting 1366 and 1380/91.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: Gold is poised for a reversal off the yearly high-week close and leaves the risk lower heading into the April open. From trading standpoint, look for a reaction in price on a move towards confluence support 1275 or 1258 – both levels of interest for possible price exhaustion. Ultimately, a breach / close above 1327 is needed to mark resumption. I’ll publish an updated Gold Technical Outlook once we get further clarity on near-term price action.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

Gold Trader Sentiment

Gold Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short Gold - the ratio stands at +3.32 (76.9% of traders are long) – bearish reading
  • Long positions are 2.6% higher than yesterday and 7.5% higher from last week
  • Short positions are 15.7% lower than yesterday and 17.9% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.