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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
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
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • #Gold Price Outlook: Gold Plunges into Critical Support- $XAUUSD Levels - https://t.co/1j4Xqz2FG8 https://t.co/WZkDyweKeT
  • 🇺🇸 New Home Sales MoM (MAY) Actual: -5.9% Previous: -7.8% https://www.dailyfx.com/economic-calendar#2021-06-23
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.11%, while traders in GBP/JPY are at opposite extremes with 72.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7oa3cr0Yg8
  • Global growth trends through June according to the Markit's PMIs show a widening gap in favor of the West. US and European composite PMIs continue to climb while other regions ease. Wonder what this does to the Fed speculation calculation https://t.co/gBAMf5WClH
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.81% Silver: 1.56% Gold: 0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PSucSZ0uEL
  • 🇺🇸 Markit Manufacturing PMI Flash (JUN) Actual: 62.6 Expected: 61.5 Previous: 62.1 https://www.dailyfx.com/economic-calendar#2021-06-23
  • Heads Up:🇺🇸 New Home Sales MoM (MAY) due at 14:00 GMT (15min) Previous: -5.9% https://www.dailyfx.com/economic-calendar#2021-06-23
  • here we go, it's webinar time topics on the docket: 1) USD - trade or fade? 2) Setups on FX majors based on answer to 1 above 3) Oil/Gold/Stonks - lots going on rn staring now https://t.co/dXeTMJRLJz
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.36% US 500: 0.02% Wall Street: -0.00% Germany 30: -0.49% France 40: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6V9YpK1ldT
  • Heads Up:🇺🇸 Markit Manufacturing PMI Flash (JUN) due at 13:45 GMT (15min) Expected: 61.5 Previous: 62.1 https://www.dailyfx.com/economic-calendar#2021-06-23
Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

Michael Boutros, Strategist
Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

Fundamental Forecast for Gold:Neutral

Gold prices fell for a third consecutive week with the precious metal off more than 2.17% to trade at 1177 ahead of the New York close on Friday. The decline marks the largest weekly loss in seven as equity markets probed fresh record highs alongside a pullback in the dollar. Bullion looks to close the week just above key near-term support with major US data on tap next week.

Heading into next week, traders will be closely eyeing key US event risk with the release of 1Q Advanced Gross Domestic Product (GDP) & the FOMC policy decision on Wednesday. Consensus estimates are calling for an annualized read of 1.0% for the first quarter, down from 2.2% in 4Q. The GDP report may ultimately fall short of market expectations as seasonal factors are blamed for the recent batch of soft data and a set of weak prints may press the Fed to carry its highly accommodative policy stance through the second-half of 2015. As such, look for the release to impact interest rate expectations with a stronger print likely to weigh more heavily on gold.

From a technical standpoint, gold broke below slope support on Friday, opening up a decline targeting the 61.8% retracement of the advance off the yearly lows at 1173 (key support). Note that a median-line extending off the monthly high converges on this level into the start of next week and we’ll reserve this region as our bullish invalidation level with a break below risking a decline back into critical weekly support at 1150/51. Interim resistance is eyed at 1191 with a breach above 1200 needed to shift our attention back to the long-side of the trade. That said, we’ll take a neutral stance heading into next week while noting that the short bias remains at risk above keys support at 1173.

.

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

DISCLOSURES