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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
Gold Price Forecast: Gold Breaks Out Above 1800 - GLD Levels

Gold Price Forecast: Gold Breaks Out Above 1800 - GLD Levels

James Stanley, Senior Strategist

Gold Talking Points:

  • Gold prices are breaking out again this morning, this time testing above the 1800 psychological level.
  • Today’s move marks a greater than 7.5% gain from the low two weeks ago when Gold plunged down for a test towards the yearly low of 1680.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.

Gold prices have continued to rally over the past week, leaving the ‘flash crash’ scenario from two weeks ago even further in the rearview. At this point, Gold prices are up more than 7.5% from the flash crash low of August 9th, which happened to post at a key spot on the chart, right around the same 2021 low that established a double bottom formation back in March.

To learn more about the double bottom formation, check out DailyFX Education

Last week started with Gold prices digging into a big zone of resistance running from 1789-1797. And while that zone helped to hold the highs for much last week, this week started with a bang as Gold prices scaled-above this zone and ran right into the next spot of resistance, plotted from 1804-1808. This current resistance area was a batch of swing-lows from early-August trade that have now been repurposed as resistance.

Gold Four-Hour Price Chart

Gold Four Hour Price Chart

Chart prepared by James Stanley; Gold on Tradingview

Taking a step back for some perspective and trends remain rather opaque. While the recent jump in Gold prices makes for bullish potential with shorter-term outlooks, the longer-term backdrop here remains unconvincing. It does, however, put emphasis on the 1834 level, as this is a potential double top formation, and if that high gets taken out then the door opens for a run at the 1855 zone.

Gold Daily Price Chart

Gold Daily Price Chart

Chart prepared by James Stanley; Gold on Tradingview

Gold Levels

Given this week’s economic calendar with Jackson Hole on top of a slew of USD-related releases, and there could be considerable motive for Gold price action this week. While strength has been on full display, breakout potential remains at the current zone of resistance, spanning from the approximate 1804-1808, with another zone overhead from around 1824-1834. If bulls are able to take out that resistance, the next zone looming overhead runs from 1855-1860.

Underneath current price action there’s a support zone spanning from 1769-1775; this is the area that helped to hold last week’s lows. Below that is a secondary support zone running from 1755-1760, and below that is a third zone of interest from 1825-1834. The yearly low at 1680 continues to stick out, so if bears put in an outsized move, that 1680 level lurks below as a key marker sitting at the lows of Gold price action in 2021 trade.

Gold Eight Hour Price Chart

Gold Eight Hour Price Chart

Chart prepared by James Stanley; Gold on Tradingview

--- Written by James Stanley, Senior Strategist for

Contact and follow James on Twitter: @JStanleyFX

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