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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
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
Bearish
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • 🇬🇧 GBP BOE Asset Purchase Target (SEP), Actual: N/A Expected: 435b Previous: 435b https://www.dailyfx.com/economic-calendar#2019-09-19
  • 🇬🇧 GBP Bank of England Bank Rate (SEP 19), Actual: N/A Expected: 0.75% Previous: 0.75% https://www.dailyfx.com/economic-calendar#2019-09-19
  • European parliament favours Breixt extension if one is to be requested $GBP
  • Having a consistent trading strategy can’t be understated when it comes to the process of trading. How can having a consistent strategy avoid #FOMOintrading? Find out from @WVenketas here: https://t.co/f4y1FOOZnM https://t.co/2QHVgRlMc7
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (SEP 13) due at 11:00 GMT (15min), Actual: N/A Expected: N/A Previous: 2.0% https://www.dailyfx.com/economic-calendar#2019-09-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.42%, while traders in France 40 are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ReHxHQMPBJ
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Oil - US Crude: -0.45% Silver: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rq2EKnzq0p
  • Bitcoin breakout nears...#bitcoin #btc https://t.co/5si6ROEIBy
  • EUR/USD, EUR/JPY Technical Forecast: Failure at Crucial Resistance More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/09/18/EURUSD-EURJPY-Technical-Forecast-Failure-at-Crucial-Resistance-MK.html https://t.co/9sYz3Ee5wq
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.08% 🇨🇦CAD: -0.14% 🇪🇺EUR: -0.20% 🇬🇧GBP: -0.25% 🇳🇿NZD: -0.40% 🇦🇺AUD: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kYlPKUJuaW
Gold Price Targets: XAU Struggles at Critical Resistance- GLD at Risk

Gold Price Targets: XAU Struggles at Critical Resistance- GLD at Risk

2019-09-06 17:15:00
Michael Boutros, Technical Strategist
Share:

Gold prices are softer this week with XAU/USD struggling to close above a key resistance confluence for over a month now. These are the updated targets and invalidation levels that matter on the XAU/USD weekly charts. 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 Trade Outlook- XAU Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

Notes: In my last Gold Price Weekly Outlook we warned to, “Watch the weekly close – IF price fails to hold above the 1522/26 zone, look for weakness back towards uptrend trend support into the start of September trade.” Price briefly registered a high at 1556 this week before turning with XAU/USD poised to mark an outside weekly-reversal off fresh record highs ahead of the New York close on Friday. Note that gold has now failed to close above critical resistance for the fourth-consecutive week – highlighting the risk for a deeper correction in price while below this region.

Initial weekly support unchanged at the highlighted trendline confluence around ~1465. A close below 1451 would be needed to suggest a more significant high was registered this week. A pivot back above 1526 once again eyes resistance at 1558 - a breach / close above this threshold would have us targeting key resistance at the 61.8% retracement of the decline off the 2011 record highs at 1586- look for a bigger reaction there IF reached.

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 for gold remains weighted to the topside, price remain vulnerable while below confluence resistance at 1522/26. From a trading standpoint, expect sideways to lower price action – be on the lookout for topside exhaustion on rebounds towards this threshold. Ultimately a larger pullback may 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 Trader Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +1.8 (64.3% of traders are long) – bearish reading
  • Long positions are 11.2% higher than yesterday and 0.7% higher from last week
  • Short positions are 13.2% lower than yesterday and 4.8% higher 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 and 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

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

DISCLOSURES

News & Analysis at your fingertips.