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
Mixed
USD/JPY
Mixed
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
Oil - US Crude
Bearish
Bitcoin
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
More View more
Real Time News
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/hW65N9phAQ
  • Canadian Dollar Forecast: USD/CAD Price Running into Renewed Resistance. #usdcad #loonie https://www.dailyfx.com/forex/market_alert/2019/11/13/Canadian-Dollar-Forecast-USDCAD-Price-Running-into-Renewed-Resistance.html
  • $NOK FX flows show foreign banks buying for the first time in over a month https://t.co/NlMkz8lM29
  • RT @onlyyoontv: #China Foreign Ministry slams @SenatorRisch for openly supporting “extremists and violent activists” in #HongKong. Says Bei…
  • RT @markets: #5things -Powell testimony -Public impeachment inquiry -Another oil demand warning -Markets slip -Inflation data due https://t…
  • RT @lisaabramowicz1: U.S. investment-grade bonds are still very much in a sweet spot. Spreads on the debt have fallen to the lowest since M…
  • 🇺🇸 USD MBA Mortgage Applications (NOV 8), Actual: 9.6% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2019-11-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in France 40 are at opposite extremes with 83.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rivYzCbCp2
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (NOV 8) due at 12:00 GMT (15min), Actual: N/A Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2019-11-13
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/6rBo32FNxJ
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.