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.

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
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/GIR5NQK5G7
  • Italian PM Conte confirms to cabinet that he is resigning - government source https://t.co/tYi5sjp79w
  • BoJ's Kuroda says monetary policy does have some limits in trying to achieve inflation target $JPY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 66.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RaCg87Zqau
  • Yen, Dollar May Extend Rise as Stocks Fall After China Drains Liquidity - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/26/US-Dollar-May-Extend-Rise-as-Stocks-Fall-After-China-Drains-Liquidity.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #Dollar #jpy #China #PBOC https://t.co/l14R7r65XH
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/YPng7ACJtV
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: 0.05% Oil - US Crude: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EPww5cFVWS
  • 'We're going on bear hunt....' https://t.co/ejyyLFmhj8
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇨🇭CHF: -0.08% 🇪🇺EUR: -0.10% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.33% 🇬🇧GBP: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/A3NmWO1BdA
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.24% FTSE 100: 0.16% France 40: -0.05% Wall Street: -0.46% US 500: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HpRrB8QiTm
Gold Surpasses July High as Stocks Retreat- What’s Next?

Gold Surpasses July High as Stocks Retreat- What’s Next?

Michael Boutros, Strategist
Gold_Surpasses_July_High_as_Stocks_Retreat-_Whats_Next_body_8-16-20133-26-55PM.png, Gold Surpasses July High as Stocks Retreat- What’s Next?

Gold Surpasses July High as Stocks Retreat- What's Next?

Fundamental Forecast for US Dollar: Neutral

Gold prices are markedly higher at the close of trade this week with the yellow metal advancing more than 4.7% to close at $1376 in New York on Friday. The gains come amid a sell-off in broader equity markets with the both the Dow and the S&P down more than 2% on the week. While the longer-term fundamental outlook for gold remains rather heavy, recent price action has shifted our focus higher in the near-term amid growing fears of a larger correction in equity markets.

Although market participants will be widely watching the Fed Economic Symposium at Jacksons Hole Wyoming, the event may have a limited impact on broader markets as Fed Chairman Ben Bernanke will not be attending this year. Vice Chairman Janet Yellen will be among the group of central bankers attending, but is not scheduled to speak, which further suggests that gold will continue to follow market trends amid the growing discussion at the Federal Reserve to begin tapering the asset purchase program.

Despite mounting speculation that the FOMC will scale back on QE operations at the September17-18th meeting, the meeting minutes due out on August 21st may offer further clarity as to the policy outlook and could set the tone for the remainder of the month as the break above interim resistance brings topside targets into view. Still, we will be closely eyeing price action in the USDOLLAR index as the greenback struggled to hold support on Friday.

From a technical standpoint, gold’s rally through the August opening range and the July highs puts a bullish near-term outlook with the metal closing at interim resistance at the 61.8% Fibonacci extension taken off the June lows at $1376. Note that daily RSI has now broken above the 60-threshold for the first time since August 2012 with price action surpassing the previous monthly high for the first time since October 2012- both constructive developments for gold. A breech here eyes subsequent topside resistance targets at $1400, $1415, and the 100% Fibonacci extension at $1440 with the broader outlook remaining bearish below $1487. Interim support rests at $1358 and $1339 with only a break back below $1300 shifting our near-term focus lower. -MB

Written by: Michael Boutros, Currency Strategist

Sign up for Michael's email distribution list, here.

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

DISCLOSURES