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
  • Heads Up:🇺🇸 IMF World Economic Outlook due at 13:00 GMT (15min)
  • Heads Up:🇭🇺 Deposit Interest Rate (JAN) due at 13:00 GMT (15min) Expected: -0.05% Previous: -0.05%
  • Heads Up:🇭🇺 Interest Rate Decision due at 13:00 GMT (15min) Expected: 0.6% Previous: 0.6%
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here:
  • US Dollar slips with high beta FX hovering at session highs amid results from Regeneron's antibody drug cocktail which prevented 100% of symptomatic infections and cut down asymptomatic infections by a half in interim study
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 65.58%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.71% Silver: 0.20% Gold: -0.22% View the performance of all markets via
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.05% 🇦🇺AUD: -0.08% 🇨🇭CHF: -0.09% 🇬🇧GBP: -0.10% View the performance of all markets via
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.41% France 40: 0.99% FTSE 100: 0.54% Wall Street: -0.06% US 500: -0.18% View the performance of all markets via
Gold Posts Largest Drop Since June Ahead of Fed- Bearish Below $1373

Gold Posts Largest Drop Since June Ahead of Fed- Bearish Below $1373

Michael Boutros, Strategist
Forex_Gold_Posts_Largest_Drop_Since_June_Ahead_of_Fed-_Bearish_Below_1373_body_GOLD.png, Gold Posts Largest Drop Since June Ahead of Fed- Bearish Below $1373

Fundamental Forecast for Gold: Neutral

Gold prices were markedly weaker for the third consecutive week with the yellow metal plummeting more than 5.2% ahead of the New York close on Friday. The losses mark the largest single week decline since June and come ahead of next week’s highly anticipated FOMC policy meeting where investors will be closely eying the taper timetable and the updated forecasts from the committee. Until then, bullion remains at risk heading into next week after breaking below key technical support.

Inflation data early next week will be central focus ahead of central bank policy meeting with consensus estimates calling for a print of 1.6% y/y for the month of August, down from 2.0% y/y in July. Interestingly enough, core CPI 9ex food & energy) is expected to uptick to 1.8% from 1.7%. Although inflation data has remained rather well anchored at or below 2% since the start of the year, it has been on the rise for the past 4-months and the print could impact help support gold prices ahead of the Fed with a stronger than expected read, specifically in core prices. Should the data come in line with expectations or weaker, look for prices to remain under pressure as the appeal of gold’s anti-inflationary hedge abates and expectations of Fed tapering weigh on demand.

The street is now widely expecting the Federal Reserve to begin tapering asset purchases in the amount of $10 Billion next week with price action in gold and treasuries both suggesting the move may have already been priced in. This month is not your run of the mill meeting- we get the Bernanke presser as well as the updated quarterly forecasts from the committee as they pertain to growth, inflation, unemployment and interest rates. As such, expect a surge in market volatility with gold to come under pressure in the unlikely event the size of the taper is more aggressive. On the back of last week’s mixed NFP print, it’s likely the central bank will take a cautious approach to the “taper talk” as Bernanke tries to limit the spillover effect and gradually end the easing cycle.

From a technical standpoint, gold broke through key technical support this week at $1356 (representing the confluence of the 100% Fibonacci extension off the August highs, the 100-day moving average and channel support dating back to 2013 low made back in June). The move reaffirmed our bias and triggered all three price targets noted in this week’s scalp report before settling just above the $1297- $1306 support zone. Note that daily RSI is now below the 40-threshold for the first time since early July and marks the first directional breaks sub-40 since the mid-June decline. Only a breach above $1373 invalidates the broader decline off the August highs with a break below support targeting near-term objectives at $1268-$1276 and $1234. With that said, we will maintain a neutral bias heading into FOMC noting our invalidation levels and price targets. -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.