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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • 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:
  • Yen, Dollar May Extend Rise as Stocks Fall After China Drains Liquidity - #Dollar #jpy #China #PBOC
  • What is your forex trading style? Take the quiz and find out:
  • 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
  • 'We're going on bear hunt....'
  • 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
  • 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
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • 🇬🇧 Unemployment Rate (NOV) Actual: 5% Expected: 5.1% Previous: 4.9%
Gold at Risk for Correction Below $1440 - NFPs in Focus

Gold at Risk for Correction Below $1440 - NFPs in Focus

Michael Boutros, Strategist
Gold_at_Risk_for_Correction_Below_1440_NFPs_in_Focus_body_Picture_5.png, Gold at Risk for Correction Below $1440 - NFPs in Focus

Gold at Risk for Correction Below $1440- NFPs in Focus

Fundamental Forecast for Gold: Bearish

Gold prices were fractionally weaker on the week with the yellow metal sliding 0.14% to trade $1395 ahead of the New York close on Friday. The decline marks the first weekly loss for gold since July with commodities across the board trading softer this week as the greenback launched a counteroffensive to pare the bulk of the losses seen earlier this month. The final week of August trade saw equities on the defensive as concerns over a possible US military attack on Syria weighed on broader market sentiment. Despite 18% magnitude rally off the June lows however, we begin to look lower near-term as bullion eyes technical resistance with key event risk next week likely to greatly impact gold prices moving into September trade.

Heading into next week all eyes will be fixated on Friday’s highly anticipated non-farm payroll report for an updated assessment on the US labor markets. Consensus estimates are calling for NFPs to show a gain of 180K Jobs in the month of August with the unemployment rate widely expected to hold at 7.4%. With expectations for a “Septaper” continuing to gather pace, a stronger than expected print could further exacerbate expectations for the Fed to begin scaling back from its easing cycle at the September 17-18 meeting. As such look for gold advances to be limited early next week as we head into the Friday data release with a weaker than expecting print risking a rally into key resistance at $1440.

From a technical standpoint, gold achieved textbook tag of technical resistance within the confines of an ascending channel dating back to the yearly lows made back on June 28th. This level came within dollar of a key resistance range between $1440 (100% Fibonacci extension off the June low) and $1452 (88.6% Retracement off the May high) with channel resistance now converging in that range. While we cannot rule-out another attempt at this threshold, we shift our focus lower below this range with a break below $1370 offering further conviction on near-term short side exposure. Such a scenario targets the confluence of channel support and the 38.2% retracement off the 2013 low, currently at $1336. A breach above $1452 invalidates this interpretation and eyes topside targets at $1470, $1488 and the $1500 level. Note that with August trade now in the rearview mirror, we’ll be closely eyeing the September opening range for further clarity on a near-term directional bias. -MB

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email or follow him on Twitter @MBForex

To be added to Michael’s distribution list Click Here

New to FX Trading? Watch this Video

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