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
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
Wall Street
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.66%, while traders in USD/CAD are at opposite extremes with 69.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wQDuTjKeLu
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/u3CV0Yf72D
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.39% Silver: 1.98% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4cr8FGuDJ0
  • #Oil continues to head higher on OPEC+ meeting expectations, the drop is going to be painful if this meeting proves to be another waste of time #brent #wti
  • FTSE 100 +2.5% at 5,750...a clear break of 5,826 exposes a gap between 6,240 and 6,400...might need more than a fair wind to get there in the short-term though. #ftse #ukstocks #trading @DailyFX https://t.co/a1towvHedl
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.61% 🇳🇿NZD: 1.32% 🇬🇧GBP: 0.80% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.56% 🇯🇵JPY: 0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kurJf0sgQ9
  • CHF Swiss March Foreign Currency Reserves Actual: 765.6b Previous:769.1b
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 3.55% France 40: 2.69% Wall Street: 1.99% US 500: 1.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QIwE4xVjWB
  • AUD Australian March Foreign Reserves: Actual: 90.6b Previous: 83.6b
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4eev6zPgYv
Gold Primed to Rip or Dip Ahead of Key Event Risk- $1268 Key Support

Gold Primed to Rip or Dip Ahead of Key Event Risk- $1268 Key Support

2014-03-28 22:40:00
Michael Boutros, Strategist
Gold-Primed-to-Rip-or-Dip-Ahead-of-Key-Event-Risk_body_Capture.png, Gold Primed to Rip or Dip Ahead of Key Event Risk- $1268 Key Support

Fundamental Forecast for Gold: Bearish

Gold was sharply lower with the precious metal off by more than 3% for the second consecutive week to trade at $1293 ahead of the New York close on Friday. The losses have persisted despite continued weakness in the greenback with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) closing the week just above key support at 10,500. The technical damage done to the gold rally is suggestive that further losses are likely heading into the start of the second quarter. But with major event risk on tap next week, the immediate outlook remains at clouded a bullion closes the week just above near-term support.

Heading into next week traders will be closely eyeing an array of event risk with the start of Q2 trade, the new fiscal year in Japan (Japanese tax hike takes effect April 1st), the ECB rate decision and the US non-farm employment report on tap. With end of month/quarter flows coming into play early next week, look for portfolio adjustments/rebalancing to possibly impact price play heading into the start of April trade. The main event nex week will likely be the highly anticipated NFP report on Friday where consensus estimates are calling for the addition of some 200K jobs last month with unemployment widely expected to shed another 0.1% to 6.6%. Look for an at-expectations print or better to keep the pressure on gold with only a more substantial miss on the print likely to offer some near-term support for the bulls.

From a technical standpoint, gold closed the week just above Fibonacci support at the 50% retracement of the advance off the December low at $1285. We’ll look to the April / weekly opening ranges to offer further guidance on a near-term bias while noting that the broader outlook remains weighted to the downside below last month’s opening range low at $1327. Look for a break sub-$1285 to open up a decline into a critical inflection point we have been noting for months now at $1268/70 with a move below the 61.8% retracement of the 2014 rally at $1260 targeting the 61.8% extension off the August 2013 high at $1234. Interim resistance stands at $1310 with only a move surpassing $1327 invalidating our medium-term outlook on gold. –MB

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


News & Analysis at your fingertips.