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.

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
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • $GBPUSD Daily Pivot Points: S3: 1.2329 S2: 1.2402 S1: 1.2439 R1: 1.2513 R2: 1.255 R3: 1.2623 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $USDJPY Daily Pivot Points: S3: 107.56 S2: 107.94 S1: 108.17 R1: 108.55 R2: 108.71 R3: 109.09 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.46% 🇬🇧GBP: 0.44% 🇯🇵JPY: 0.37% 🇪🇺EUR: 0.10% 🇳🇿NZD: -0.30% 🇦🇺AUD: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Sb9uhtKouK
  • Big news over the past couple of hours: - Norge’s Bank raises rates to 1.50% - #BOE says if #brexit uncertainty persist, likely to be weaker inflation - #ECB delivers 3.4 billion euros in a new round of long-term loans to banks (BBG)
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: 0.31% Silver: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cCtIGXgMjw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 85.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L97bbhVulc
  • $EURUSD Daily Pivot Points: S3: 1.0927 S2: 1.0982 S1: 1.1007 R1: 1.1063 R2: 1.1094 R3: 1.1149 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • With the EU-UK #Brexit negotiations ongoing and no certain path to an amicable resolution, the @bankofengland has warned that it may cut rates soon. Where is $GBUSD heading? Get your market update from @CVecchioFX here: https://t.co/CKPGqolOAR https://t.co/E7dGEiKVYP
  • US Equities Update (Thursday Close): $DJI -0.19% $SPX -0.04% $NDX +0.17% $RTY -0.40% $VIX +0.79%
  • As I listen to music while analyzing, I remind myself that: SRV > Jimi #ControversialViews
Post NFP Break Below $1330 May Signal Gold Top in Place

Post NFP Break Below $1330 May Signal Gold Top in Place

2014-03-08 01:00:00
Michael Boutros, Technical Strategist
Share:
Forex_Post_NFP_Break_Below_1330_May_Signal_Gold_Top_in_Place_body_XAUUSD_for_XAU_ToF.png, Post NFP Break Below $1330 May Signal Gold Top in Place

Fundamental Forecast for Gold:Bearish

Gold is firmer at the close of trade this week with the precious metal up by nearly 1% to trade at $1335 ahead of the New York close on Friday. Tensions regarding the ongoing geopolitical dispute in Ukraine propped up gold prices early in the week with spot turning just ahead of technical resistance at $1357. Gold has since traded within the March 3rd range with major US economic data on Friday offering little support for the 2014 rally.

The US employment report on Friday was the highlight of the week with non-farm payrolls adding 175K jobs last month, toping expectations for a print of just 149K. The unemployment rate unexpectedly rose to 6.7% from 6.6% and while this would typically be seen as a negative, the move was accompanied by a broadening in the civilian labor force- a factor that will inherently elevate the headline rate. Gold immediately came under pressure on the release as concerns over the widely debated impact weather had on jobs abated. That’s said, it’s likely the Fed will continue tapering QE purchases as expected and the bid for gold (at least from an inflation standpoint) is likely to be limited barring any additional geopolitical risk.

Looking ahead to next week, investors will be closely eying retail sales data and the preliminary March University of Michigan confidence numbers. Gold prices are likely to take direction from broader market sentiment with our attention shifting on the USDOLLAR’s recent rebound at key Fibonacci support on Friday at 10,508. Should this rebound materialize into a more substantial advance, look for gold prices to remain under pressure.

From a technical standpoint, gold remains at risk below key resistance at $1357/61 with a clean monthly opening range highlighting support into $1330. Look for a decisive break of this range mid-next week to offer clarity on a medium-term bias heading into March with our immediate focus against the $1357/61 resistance range. A daily RSI support trigger looks to have been broken on Friday’s decline and a move below the March opening range puts support targets into view at $1320 and $1300/06 where more substantial demand is expected. Only a break below the $1268/70 support level would put the broader decline off the 2012 high back into play while noting that a break above the $1361 threshold suggests that a much more significant low was put in place last December. Such a scenario would eye topside objectives towards the August highs at $1433.

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

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex

To be added to Michael’s distribution list Click Here

New to FX Trading? Watch this Video

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

DISCLOSURES

News & Analysis at your fingertips.