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
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • “The UK and EU have agreed to return to the negotiating table to try to agree a post-#Brexit trade deal. But on Friday, a joint statement said ‘significant divergences’ remained.” - BBC News #GBP
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • The rising wedge is a popular reversal pattern that is predictive in nature and can give traders a clue to the direction and distance of the next price move. Incorporate the rising wedge in your trading strategy and learn more here:
  • Both the S&P 500 and $EURUSD will enter the coming week with momentum to their back. What can trip up the rallies? What could keep them going? My overview for the week ahead:
  • After the recent strength of EUR/USD, a period of consolidation is likely ahead of two critical meetings: of the European Central Bank and the European Council. Get your $EURUSD market update from @MartinSEssex here:
  • Triangle patterns have three main variations and appear frequently in the forex market. These patterns provide traders with greater insight into future price movement and the possible resumption of the current trend. Learn about triangles here:
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here:
Gold Opens 2014 on Strong Footing- Rally at Risk Heading into NFPs

Gold Opens 2014 on Strong Footing- Rally at Risk Heading into NFPs

2014-01-04 00:02:00
Michael Boutros, Strategist
Gold_Opens_2014_on_Strong_Footing_-_Rally_at_Risk_Heading_into_NFPs_body_Picture_1.png, Gold Opens 2014 on Strong Footing- Rally at Risk Heading into NFPs

Fundamental Forecast for Gold: Neutral

Gold prices are markedly higher this week with the precious metal rallying nearly 2% to trade at $1236 ahead of the New York close on Friday. The advance comes amid thin holiday trade with bullion rebounding off key support at $1179 ahead of the close of 2013 trade. Does this rally suggest that the beaten metal is turning the corner in 2014? The technicals suggest that in the near-term, that may be the case.

As we open up 2014 trade the spotlight remains on the US economic docket as the Fed begins to taper QE operations. We’ll look for the major focus this year to shift from the labor markets towards inflation expectations. As long as the recent improvement seen in the employment figures holds pace, the markets will closely be eyeing the inflation outlook as CPI continues to fall short of the central bank’s 2% target. Overall, you would expect the much awaited tapper to continue to weigh on gold prices but since the $1178 low made on the 31st of December, the metal has rallied more than 4.6%. It may be that much of the “taper” is likely to have been priced in at this point and a round of profit taking early in the year could lead to something more substantial if key levels are taken out. That said, the setup for gold is clean and there are some important things to consider heading into January.

Next week traders will be closely eyeing the return of the US data stream with ISM non-manufacturing, factory orders, ADP employment, trade balance data and the release of the minutes from the latest FOMC policy meeting all on tap ahead of the much anticipated NFP report on Friday. Non-farm payrolls are expected to show the addition of 193K jobs last month, slightly softer than the blowout 203K print seen in November, with the headline employment rate seen holding steady at 7.0%. Look for strengthening US data to limit advances in gold with our broader outlook remaining weighted to the downside below $1268/70.

From a technical standpoint, the rebound seen off our primary objective cited last month at $1179/80 has been impressive and the rally has now surpassed the 0.618% retracement of the decline off the December high. Daily RSI divergence and a 50-breach in the oscillator suggests that a near-term correction is underway and we look higher heading into next week after prices broke through embedded channel resistance dating back to the October highs. The larger encompassing descending channel formation dating back to August high is now in focus with interim resistance seen at $1248. Our broader bias remains weighted to the downside below key resistance at $1268/70. Note that this level converges with operative channel resistance between 11-13th of the month. A break below the December lows puts the larger trend back into play with subsequent support targets eyed at $1151/60, $1125 and $1091. It’s important to note that we are just starting to put in the weekly and yearly opening ranges with price action over the next few weeks likely to offer further conviction on our near-term directional bias. - MB

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