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.

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
Bearish
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
Bearish
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
Mixed
USD/JPY
Bearish
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
  • As we near the US open...😟 Wall Street down 1.72% (474 points) Nasdaq 100 down 1.08% (125 points) S&P 500 down 1.46% (49 points) @DailyFXTeam Prices via @IGcom
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7 Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • $AUDUSD getting absolutely hammered at the moment, down over 0.5% since the London session opened Next key support level seems to come in at the 0.7070 mark with a break below carving a path for price to retest the monthly low (0.7020) $AUD #technicalanalysis https://t.co/9ynzvhSNK2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.51%, while traders in NZD/USD are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PpTagTe3eM
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/OCT) due at 11:00 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.56% Silver: -0.70% Oil - US Crude: -3.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Y9FMU0wUMo
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UvqOCYfxgX
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇦🇺AUD: -0.34% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.42% 🇬🇧GBP: -0.50% 🇳🇿NZD: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZcpUZzcGyf
  • Sea of red in the equity space - Germany, France and Italy shed 3%+ @DailyFXTeam Prices via @IGcom https://t.co/v2VR9m7X3a
Gold Down 5% in September- $1206 Support in Focus Ahead of ECB, NFPs

Gold Down 5% in September- $1206 Support in Focus Ahead of ECB, NFPs

2014-09-27 04:44:00
Michael Boutros, Strategist
Share:
Gold Down 5% in September- $1206 Support in Focus Ahead of ECB, NFPs

Fundamental Forecast for Gold:Neutral

Gold prices are virtually unchanged this week with the precious metal off just a fraction of a percentage point to trade at $1213 ahead of the New York close on Friday. The decline marks the fourth consecutive week of losses for bullion as relentless strength the greenback and easing geopolitical tensions continued to weigh on demand. Month-to-date gold is off by 5.6% with prices down more than 8.4% quarter-to-date. As we head into the close of September trade however, the near-term outlook becomes

That economic docket picks up considerably next week with the European Central Bank interest rate decision and the US Non-Farm Payroll report highlighting the calendar. Expectations are that the ECB will unveil a massive stimulus package with some estimates calling the European version of QE to top 1Trillion Euros. The US employment report on Friday will central focus next week with consensus estimates looking for a 213K gain in September with the headline unemployment rate holding steady at 6.1%. Should the data disappoint, look for gold to likely remain supported in the near-term as the greenback takes a reprieve with the Dow Jones FXCM Dollar Index posting its 11th consecutive weekly advance this week as prices pushed into fresh 4-year highs.

While our broader outlook for gold remains weighted to the downside, we’ll take a more neutral stance as we head into the October open while noting that seven of the last ten years have seen strong performances in gold for the first week of Q4. Of those seven instances, bullion prices saw an average gain of 1.89% and as such, we’ll look to the October opening range for further guidance on our medium-term bias.

From a technical perspective gold defended a critical support target this week at $1206- a level defined by the close of the 2013 December 31st candle- which was the low day of the year. A break below this threshold targets support objectives at the 100% Fibonacci extension taken off the 2014 March high at $1193 and the 2013 stretch lows at $1178. Note that the momentum signature is back above the 30-barrier with a topside resistance trigger off the July highs pending. Near-term resistance is eyed at the June lows at $1240/43 with only breach above $1260 shifting the focus back to the long-side of the trade. -MB

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

DISCLOSURES