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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/xkNb1VIrEN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
  • Heads Up:🇳🇱 Inflation Rate YoY (APR) due at 04:30 GMT (15min) Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.25% US 500: -0.52% France 40: -1.12% Germany 30: -1.24% FTSE 100: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sAj0aetO3t
  • Retail FX traders (at IG) have pushed up their long $USDCAD position to levels not seen in years which has nudged the net long to approximately 85% of open interest. They are fighting that trend https://t.co/eIOcdLiPik
  • Risk trends is the focus to start this week with the Nasdaq 100 dragging sentiment down through the close of the NY session. My attention is on the Dollar as pairs like $GBPUSD stare down major resistance or reversal: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/11/EURUSD-GBPUSD-and-Nasdaq-Outlook-Key-Levels-and-Events-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/72GGBPMNcw
  • White House monitoring supply shortages in parts of the southeast -BBG
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/RAtsYwpmXl
Gold Breakout to Accelerate on Dovish Fed Minutes, Slowing US CPI

Gold Breakout to Accelerate on Dovish Fed Minutes, Slowing US CPI

Michael Boutros, Strategist
Gold Breakout to Accelerate on Dovish Fed Minutes, Slowing US CPI

Fundamental Forecast for Gold:Bullish

Gold prices surged this week with the precious metal rally nearly 3% to trade at $1223 ahead of the New York close on Friday. U.S. data points continued to disappoint this week with April Advanced Retail Sales, Industrial Production & the University of Michigan Sentiment survey’s all missing consensus estimates. With that said, the event risks line up for the week ahead may continue to dampen the appeal of the greenback and heighten demand for the precious metal should the data point to a further slowdown in U.S. growth and inflation.

An update on the housing market next week will be in focus with Housing Starts, Building Permits & Existing Home Sales on tap. Highlighting the economic calendar will be the release of minutes from the latest FOMC policy meeting on Wednesday with the April Consumer Price Index (CPI) rounding out the docket on Friday. However, the Fed Minutes may provide little clarity for the policy outlook on the back of the lackluster statement following the April 29 interest rate decision and the recent string of soft data with consensus estimates are calling for a slowdown in both the headline & core rate of consumer price growth next. As such, look for gold to remain supported on weaker US metrics as the dollar rout persists.

A look at the historical relationship between the US 10yr / 30yr yield-spread and gold suggests the precious metal could indeed be at risk for a further advance given the run up in the interest rate differentials (more than 40% off the March lows). As a result, market participants may put greater emphasis on this relationship especially as the weakening outlook for the U.S. economy raises the Fed’s scope to carry the zero-interest rate policy into the second-half of 2015.

From a technical standpoint, gold broke above the monthly opening range high this week with the rally extending through a key median-line confluence to test resistance at the 50% retracement of the decline off the January 2015 high at $1225. This marks the second consecutive weekly advance in gold with the daily & weekly momentum signatures breaking above the 50-threshold (constructive). A breach above interim resistance targets a confluence at the upper median-line parallel and the 52-week moving average around 1234/35 backed by a Fibonacci cluster at 1245/48. Interim support rests with Friday’s low at $1210 with only a move sub-$1200 invalidating the long-side of the trade.

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

DISCLOSURES