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
EUR/USD
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
Wall Street
Bullish
Gold
Bearish
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
USD/JPY
Bullish
More View more
Real Time News
  • 🇹🇭 Balance of Trade (MAY) Actual: $0.8B Expected: $0.78B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-06-24
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/m9l7cndOc8
  • Heads Up:🇹🇭 Balance of Trade (MAY) due at 03:30 GMT (15min) Actual: $0.8B Expected: $0.78B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-06-24
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.07% Silver: -0.02% Gold: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LYRFfkZeeX
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/Q8YRwGv3mA
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.04% 🇬🇧GBP: -0.00% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.02% 🇦🇺AUD: -0.02% 🇨🇭CHF: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8UV5kohKTL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.06%, while traders in GBP/JPY are at opposite extremes with 73.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M47Dqej67q
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/BonfAZM5o8
  • S&P 500 Retreats as Investors Mull Tapering, Hang Seng and ASX 200 May Fall https://www.dailyfx.com/forex/market_alert/2021/06/24/SP-500-Retreats-as-Investors-Mull-Tapering-Hang-Seng-and-ASX-200-May-Fall.html https://t.co/vv1dpIZSBU
  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/iGAO4dasIU https://t.co/gpx3AWiTmX
Gold Price Targets: XAU/USD Threatens Breakout- GLD Outlook

Gold Price Targets: XAU/USD Threatens Breakout- GLD Outlook

Michael Boutros, Strategist

Gold prices are on the counter-offensive mid-week with the precious metal poised to mark a third consecutive daily advance. The recent gains take price into near-term resistance however and leave the immediate rally vulnerable heading into this key threshold. These are the updated targets and invalidation levels that matter on the XAU/USD charts this week. Review my latest Weekly 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 Daily

Gold Price Chart - XAU/USD Daily - GLD Trade Outlook - Technical Outlook

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

Technical Outlook: In my latest Gold Price Outlook we noted, “the risk for a deeper pullback while below 1522/26. Form a trading standpoint, be on the lookout for a breakout of the monthly consolidation / topside exhaustion ahead of the monthly high-day close at 1505on rebounds IF price is indeed heading lower.” Price registered a low this week at 1480 before rebounding off slope support with the subsequent rally testing this resistance zone today – note that the September trendline now converges on this region as well and further highlights its technical significance- looking for a reaction here.

A topside breach / close above is needed to shift the medium-term focus higher with key resistance steady at 1519/22. Initial weekly support rests with the monthly trendline backed by the monthly open at 1472 and the monthly opening-range lows / key support at 1451/61- look for a bigger reaction there IF reached.

Gold Price Chart - XAU/USD 120min

Gold Price Chart - XAU/USD 120min - GLD Trade Outlook - Technical Forecast

Notes: A closer look at gold price action shows XAU/USD continuing to coil into the monthly opening-range with price holding within the confines of an ascending pitchfork formation extending off the monthly lows. Gold is testing confluence resistance now at 1502- a region defined by the 61.8% retracement and the September trendline. IF price fails here (ahead of 1505), look for a break below slope support to fuel the next leg lower in price.

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: We’re on the lookout for breakout of the 1472–1505 range. From at trading standpoint, a good spot to reduce long-exposure / raise protective stops. We’ll favor fading weakness IF this holds targeting a break below the weekly open. Ultimately, a larger pullback in gold would likely offer more favorable long-entries close to trend support with a breach above the September trendline needed to shift the focus higher. Review my latest Gold Price Weekly Outlook for a closer look at the longer-term XAU/USD technical trading levels.

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

Gold Trader Sentiment - XAU/USD Price Chart

Gold Trader Sentiment - XAU/USD Price Chart - GLD Trade Outlook - Technical Update
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.13 (68.02% of traders are long) – bearishreading
  • Long positions are0.35% higher than yesterday and 0.69% lower from last week
  • Short positions are6.50% lower than yesterday and 2.42% higher 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. Tradersare more net-long than yesterday but less net-long from last week. The combination of current positioning and recent changes gives us a further mixed Gold trading bias from a sentiment standpoint.

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

---

Active Trade Setups

- Written by Michael Boutros, 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