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
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
Oil - US Crude
Bullish
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
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
Bullish
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
  • Libya's Haftar says the army has decided to resume output of oil #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.24%, while traders in NZD/USD are at opposite extremes with 67.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KhSpML2e1A
  • 🇷🇺 Interest Rate Decision Actual: 4.25% Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-09-18
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.51% Silver: 0.47% Oil - US Crude: 0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/neu57eYQAY
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.44% 🇯🇵JPY: 0.43% 🇬🇧GBP: 0.15% 🇨🇭CHF: -0.01% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/H9AOMIjOnG
  • Heads Up:🇷🇺 Interest Rate Decision due at 10:30 GMT (15min) Expected: 4.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2020-09-18
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/0sMIVrdslY
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.10% Germany 30: -0.03% Wall Street: -0.09% FTSE 100: -0.27% France 40: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PmpWrAsueT
  • EU Bank regulators are moving closer to end ban of dividends next year
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/gaUllv1kra
Gold Range Carries Into June- Opening Range in Focus Ahead of NFP

Gold Range Carries Into June- Opening Range in Focus Ahead of NFP

2015-05-29 20:27:00
Michael Boutros, Strategist
Share:
Gold Range Carries Into June- Opening Range in Focus Ahead of NFP

Fundamental Forecast for Gold:Neutral

Gold prices are lower for a second consecutive week with the precious metal off by more than 1.2% to trade at 1191 ahead of the New York close on Friday. The losses come amid continued strength in the greenback with the Dow Jones FXCM U.S. Dollar Index (Ticker:USDOLLAR) posting an impressive 5-day rally into fresh monthly highs.

With time quickly winding down to the Federal Open Market Committee interest rate decision on June 17th, the data prints due out next week may heavily impact the market volatility heading into June with all eyes on the May Non-Farm Payrolls. Consensus estimate are calling for another 225K expansion in employment with the jobless rate widely expected to hold steady at an annualized 5.4%, the lowest since 2008. Ahead of Friday’s key event risk, the employment components for the ISM manufacturing & non-manufacturing surveys may shape NFP expectations amid the ongoing mixed batch of data coming out of the world’s largest economy.

From a technical standpoint, gold broke back below the initial May opening range high at 1200 early in the week before coming into trendline support extending off the yearly low. Note that the decline has continued to trade within the confines of a well-defined descending channel formation off the monthly high with 3-waves down completing a 100% extension off the highs into 1183 (stretch low at 1180).

We’ll take a neutral stance heading into the monthly open with a break lower targeting 1176 backed by the 1.618% extension at 1164. A breach above channel resistance risks a rally back into the near-term bearish invalidation level at the 1200. Keep an eye on the RSI resistance trigger extending off the May high- breach would be bullish.

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

DISCLOSURES