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
EUR/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
Oil - US Crude
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
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.37% 🇦🇺AUD: 0.22% 🇬🇧GBP: 0.18% 🇪🇺EUR: 0.09% 🇨🇭CHF: 0.00% 🇯🇵JPY: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2faAkNNk8r
  • Texas virus cases increase 4.3%, above prior 4.2% 7-day average - BBG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: -0.04% Oil - US Crude: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/esKy1uY3rQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.69%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HVIXApa0wb
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/Mit4oKK16l
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.63% France 40: 0.62% FTSE 100: 0.55% US 500: 0.00% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bW5YIX8sRH
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: -0.04% Oil - US Crude: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dDwLgcqJsI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.48%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O6NcsvAJNS
  • The #Euro may be coiling up for a breakout against the US Dollar as the third quarter of 2020 gets underway. What will drive price action? See our trading guide from @IlyaSpivak to find out here: https://t.co/irBdf8mE7H https://t.co/h5bJePYxGg
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.47% France 40: 0.44% Germany 30: 0.38% US 500: -0.16% Wall Street: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4oDLGEMu1T
Gold Slumps Amid Improving US Outlook- November Range in Focus

Gold Slumps Amid Improving US Outlook- November Range in Focus

2013-12-07 01:35:00
Michael Boutros, Strategist
Share:
Gold_Slumps_Amid_Improving_US_Outlook-_November_Range_in_Focus_body_Picture_1.png, Gold Slumps Amid Improving US Outlook- November Range in Focus

Gold Slumps Amid Improving US Outlook- November Range in Focus

Fundamental Forecast for Gold:Neutral

Gold prices were softer on the week with the precious metal shedding 1.8% to trade at $1230 ahead of the New York close on Friday. It was a volatile week for bullion and despite the sharp swings prices have largely remained range bound amid heavy event risk as investors digested numerous central bank rate decisions and key US economic data which culminated with the non-farm payrolls report on Friday. As we head into the close of 2013 the focus remains on the Federal Reserve and whether recent upbeat US economic data warrants action to begin tapering the accommodative measures in place since the height of the recession, better known as QE.

All eyed were on the US docket late this week as investors look ahead to the FOMC policy meeting later in the month. US 3rd quarter GDP was revised higher on Thursday to an annualized rate of 3.6% Q/Q, topping estimates for a print of 3.1% q/q with a stronger than expected ADP employment report setting the stage for the Friday release of the November non-farm payrolls report. The data did not disappoint with the print topping consensus estimates across the board with a read of 203K as unemployment fell to 7.0% from 7.3%, beating expectations for just a 0.1% decline to 7.2%.

It’s worth noting that the larger-than-anticipated decline in the headline unemployment rate may be in part attributed to the return of furloughed workers. Still, the broader tone of the data was strong all around with the participation rate, which fell to its lowest reading in more than 30years at 62.8% last month, increased to 63.0% as the civilian labor force grew. While that data may not prompt immediate action from the Fed at the December meeting, it will become increasingly difficult for the central bank to justify maintaining such a high level of accommodation amid improving US metrics and as equity markets continue to press record highs. While the prospects of a Fed taper should ultimately prove supportive for the greenback & bearish for gold in the medium-term, prices have continued to coil up since the monthly open and we now look for a break of the November range for further guidance on near-term directional bias.

The US economic calendar takes a respite next week with the November advanced retail sales print the only release of note. As such we will lean more heavily on developments in price action as we eye a break $1254 - $1211 region. Although our broader bias remains weighted to the downside below $1268, we cannot rule out a possible near-term recovery here on a USD pullback scenario with a topside breach of the monthly opening range shifting our focus higher into the close of 2013. Subsequent resistance targets are seen at $1293/1304 and $1325/29. That said, we’ll continue to eye key support targets at $1209 and $1179/81 with a break below this threshold putting the larger decline off the 2012 highs into focus. - MB

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

DISCLOSURES

News & Analysis at your fingertips.