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
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
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
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • 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/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Gold Eyes Key Trendline Support Dating 2008 - Next Week Critical

Gold Eyes Key Trendline Support Dating 2008 - Next Week Critical

2012-03-16 22:59:00
Michael Boutros, Technical Strategist
Share:
Gold_Eyes_Key_Trendline_Support_Dating_2008_-_Next_Week_Critical_body_Picture_5.png, Gold Eyes Key Trendline Support Dating 2008 - Next Week CriticalGold_Eyes_Key_Trendline_Support_Dating_2008_-_Next_Week_Critical_body_Picture_6.png, Gold Eyes Key Trendline Support Dating 2008 - Next Week Critical

Fundamental Forecast for Gold: Bullish

Gold was substantially weaker this week with the precious metal plummeting nearly 3.2% after an upbeat FOMC policy statement further silenced calls for another round of quantitative easing from the Fed with investors turning on the yellow metal and US Treasuries in favor of higher yielding assets. While a rally in the greenback may have contributed to the metal’s decline, a rebound off key Fibonacci resistance in the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) may be the catalyst needed to prompt a reversal in the price of gold.

On Tuesday the FOMC rate decision and accompanying policy statement offered a cautiously optimistic assessment of the domestic economy with the results of the Fed’s stress test on US banks suggesting that all but 4 of the top 19 banks held sufficient capital to be able to continue lending to households and businesses through times of severe economic and financial stresses. The news put further pressure on gold with the metal falling 1.61% on the session. With economic data continuing to improve and stronger confidence with regards to the health and capitalization of the banking sector, gold continued to decline into the close of trade on Wednesday as investors trimmed bets for further dollar diluting asset purchases from the Fed.

Looking ahead traders will be eyeing minutes from the RBA and BoE for insight into the central bank’s policy stance as equities continue to advance amid subsiding concerns regarding the European debt crisis and stronger-than-expected economic data. With the US docket rather light next week, gold broader risk trends are likely to steer gold prices with the technicals suggesting we may be approaching critical support for the yellow metal just lower as we continue to trade within a descending channel formation.

Gold broke below last week’s low at $1663 early in the week before rebounding off support at the second standard deviation Bollinger band at $1635. Interim resistance stands at the 23.6% Fibonacci retracement taken from the February 29th descent at $1670 with subsequent topside targets eyed at the 200-day moving average at 1680, and the 38.2% retracement just shy of the $1700 mark. A break below this week’s low eyes initial support targets at the 23.6% retracement taken from 2008 advance at $1628. Critical downside support rests with the trendline dating back to the 2008 lows, currently around $1600. A break below this level risks substantial losses for the precious metal with such a scenario eyeing subsequent support targets at $1440. We remain cautiously bullish on Gold at these levels noting that our medium-term bias remains weighted to the topside with a break above the 2012-high offering further conviction on our directional bias. - MB

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

DISCLOSURES

News & Analysis at your fingertips.