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
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
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
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
More View more
Real Time News
  • Texas virus cases increase 4.3%, above prior 4.2% 7-day average - BBG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: -0.04% Oil - US Crude: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/esKy1uY3rQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.69%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HVIXApa0wb
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/Mit4oKK16l
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.63% France 40: 0.62% FTSE 100: 0.55% US 500: 0.00% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bW5YIX8sRH
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: -0.04% Oil - US Crude: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dDwLgcqJsI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.48%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O6NcsvAJNS
  • The #Euro may be coiling up for a breakout against the US Dollar as the third quarter of 2020 gets underway. What will drive price action? See our trading guide from @IlyaSpivak to find out here: https://t.co/irBdf8mE7H https://t.co/h5bJePYxGg
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.47% France 40: 0.44% Germany 30: 0.38% US 500: -0.16% Wall Street: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4oDLGEMu1T
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/m74wuZZKeH
Gold Rallies Into Critical Resistance Ahead Fed, NFP

Gold Rallies Into Critical Resistance Ahead Fed, NFP

2015-09-25 23:04:00
Michael Boutros, Strategist
Share:
Gold Rallies Into Critical Resistance Ahead Fed, NFPGold Rallies Into Critical Resistance Ahead Fed, NFP

Fundamental Forecast for Gold:Neutral

Gold prices are firmer for the second consecutive week with the precious metal up 0.57% to trade at 1145 ahead of the New York close on Friday. The advance comes amid a volatile week in global markets as speculation surrounding the Fed’s timing for a 2015 rate hike is re-kindled. Gold is now trading just below a critical level of resistance & while the immediate risk is for a pullback, a more bullish scenario may materialize heading into next key U.S. event risk.

Looking ahead to next week, the U.S. Non-Farm Payrolls report will be central focus with consensus estimates calling for print of 200K for the month of September with the unemployment rate seen steady at 5.1%. With only two FOMC meetings left until 2016, incoming U.S. data points will become increasingly important as the committee continues to suggest a 2015 lift off will be appropriate. Ahead of Friday’s release, traders will be lending a keen ear to central bank officials with slew of Fed speeches on tap next week as Chair Janet Yellen, Vice-Chair Stanley Fischer, Governor Lael Brainard, New York President William Dudley, Chicago President Charles Evans along with San Francisco President John Williams take the stage. Look for strong data / hawkish Fed rhetoric to limit gold strength in the near-term with prices reversing off significant multi-year resistance into the close of the week.

From a technical standpoint, gold has now approached & reacted to a critical level of resistance at the confluence of the upper median-line parallel extending of the 2015 high, the 78.6% retracement of the August decline, the August high-day close and basic channel resistance of the advance off the monthly lows at 1151/55. The risk for a correction lower off this key resistance noted earlier in the week, materialized on Friday with the pullback finding interim support at last week’s high (1141).

Although the broader outlook remains weighted to the downside, the advance off the monthly low continues to trade within a clean ascending median-line formation with the near-term bias weighted to the topside while above the September open at 1134/32 (bullish invalidation). A break below this week’s low at 1121 is needed to put the short-side back into focus. Bottom line: the trade remains constructive while within this formation with a breach of key resistance targeting resistance objectives at 1164 & 1170. Look for the NFP release on Friday to offer guidance as the October opening range takes shape.

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

DISCLOSURES

News & Analysis at your fingertips.