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
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
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
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: NYM WTI Crude 35.39 (-2.13%), ICE Brent Crude 37.68 (-1.52%), NYM NYH Gasoline 104.60 (-0.52%). [delayed]
  • USD/ZAR: New support may be established at the 16.1000 zone as the price pushed off this level after uncertainty around US stimulus negotiations. Get your $USDZAR market update from @WVenketas here:https://t.co/AQaNSMuZce https://t.co/K5yNYufxLX
  • What are some factors affecting the $USD this quarter? With the US #Elections2020 on Tuesday. Get your free forecast here.https://t.co/7G7pWntiyY https://t.co/6tyRkIXNIe
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in NZD/USD are at opposite extremes with 64.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FK6WQOsr0r
  • Speaker Pelosi says she has a major difference of opinion with White House administration on relief - BBG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.85% Gold: 0.79% Oil - US Crude: -1.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nJC51ehlu4
  • The price of gold bounces back from a fresh monthly low ($1860) on the back of US Dollar weakness. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kFDANiwAm1 https://t.co/yPgmAR4P8Y
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇬🇧GBP: 0.08% 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.14% 🇳🇿NZD: -0.14% 🇪🇺EUR: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/86MpRGrAms
  • Daily virus cases rise to 31,084 in Italy, new record - BBG
  • "Exquisitely Focused" Great conversation and takeaways on a call this morning with @GuyAdami and the @DailyFX, @IG_US, @Nadex teams!
Gold Price Targets: Breakout Stalls – XAU/USD Coils Below Resistance

Gold Price Targets: Breakout Stalls – XAU/USD Coils Below Resistance

2019-07-26 15:30:00
Michael Boutros, Strategist
Share:

Gold prices are slightly lower this week with the precious metal down 0.3% ahead of the New York close on Friday. Although the broader focus is higher, GLD remains vulnerable near-term while below a major uptrend resistance. These are the updated targets and invalidation levels that matter on the Gold (XAU/USD) weekly price chart heading into the close of the month. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this gold price setup and more.

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

Gold Price Chart - XAU/USD Weekly

Gold Price Chart - XAU/USD Weekly - GLD Technical Outlook

Notes: In my last Gold Weekly PriceOutlook we noted that XAU/USD was, “in a multi-week consolidation pattern just below resistance- look to the break for guidance. From a trading standpoint, the risk remains for a move lower before resumption of the broader uptrend.” Nearly two weeks later and Gold has continued to drift with the broader long-bias still at risk into the close of the month.

Initial weekly support rests at 1380 and the 2016 high-day close at 1366 with broader bullish invalidation 1350. Topside resistance objectives unchanged with a breach / close above 1433 exposing subsequent resistance targets at the 100% extension at 1451 and the 50% retracement of the decline off the record highs at 1483.

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

Bottom line: While the broader outlook remains weighted to the topside, Gold prices remain vulnerable for further weakness near-term after reversing off longer-term resistance targets last week at 1451. From a trading standpoint, looking for a deeper correction in the medium-term to ultimately offer more favorable long-entries closer to trend support. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

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

Gold Trader Sentiment (XAU/USD)

Gold Trader Sentiment - XAU/USD Price Chart - GLD Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +2.46 (71.1% of traders are long) – bearish reading
  • Long positions are 0.3% higher than yesterday and 19.2% higher from last week
  • Short positions are 0.7% lower than yesterday and 16.2% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot 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 Spot 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