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.



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
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
Wall Street
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: #DailyfxGuides
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:
Gold Slides as Cypress Survives- Range Break to Offer Clarity

Gold Slides as Cypress Survives- Range Break to Offer Clarity

Michael Boutros, Strategist
Gold_Slides_as_Cypress_Survives-_Range_Break_to_Offer_Clarity__body_Picture_1.png, Gold Slides as Cypress Survives- Range Break to Offer Clarity

Gold Slides as Cypress Survives- Range Break to Offer Clarity

Fundamental Forecast for Gold: Neutral

Gold was weaker at the close of trade this week as prices pulled back from interim resistance noted in last week’s forecast, with the precious metal off by 0.82% to trade at $1595 as of Thursday afternoon. The gold trade has remained uninspiring as we close out March trade and we now look for the start of 2Q trade for further guidance as US data continues to improve and prospects of possible cessation of QE operations gather pace.

Register HERE to take this short quiz assessing your FX trading knowledge and receive a learning curriculum based on your responses.

Despite the negative headlines surrounding the Cyprus bailout, gold struggled to hold its ground, with U.S. equities trading near record-highs. Although the periphery country was able to avoid a bank-run, the ongoing turmoil in Europe may continue to drag on market sentiment, and a rebound in safe-haven flows could prop up the precious metal next week as the EU retails a reactionary approach in addressing the risks surrounding the region.

Beyond the slew of central bank interest rate decision on tap for the following week, the U.S. Non-Farm Payrolls report highlights the biggest event risk for gold as the world’s largest economy is expected to add another 195K in April. Although the jobless rate is projected to hold steady at 7.7%, the ongoing improvement in the U.S. labor market may dampen the appeal of bullion as it limits the Fed’s scope to carry out its easing cycle throughout 2013. As such, gold demand may remain limited as concerns over the impact of the Fed’s easing policy on inflation diminish. Should the data come in significantly weaker than expected, look for gold to check key interim support just below this week’s range.

From a technical standpoint, our bias remains unchanged and while out broader bias remains weighted to the downside, the risk for a topside run into key resistance in the range between $1626-$1631 remains. Historically speaking, April has typically been a strong month cyclically for gold (albeit not as strong as Sept/Nov) and as we head into April trade it’s worth noting that a weekly close above this key threshold invalidates our medium-term outlook. Such a scenario would look to target the 38.2% retracement taken from the October decline at $1646 and the 200-day moving average at $1664. Key interim support rests at $1585 with a break below this mark eyeing critical Fibonacci support in the range between $1550- $1555. With the monthly and quarterly opening ranges now coming into focus, we will maintain a neutral stance as we head into next week with price action likely to offer further conviction on a medium-term bias. Bottom line, look for a break of the $1585- $1615 range to offer a near-term directional bias. -MB

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