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
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
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/q7YCOo8DM1
  • US Dollar Looks to Retail Sales, Jobless Claims Data for a Lifeline - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/04/15/US-Dollar-Looks-to-Retail-Sales-Jobless-Claims-Data-for-a-Lifeline.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #dollar #retailsales #joblessclaims https://t.co/vJVKJ5P92g
  • Heads Up:🇬🇧 BoE Credit Conditions Survey due at 08:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇪🇸 Balance of Trade (FEB) Actual: €-1.082B Previous: €-1.769B https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇮🇹 Inflation Rate YoY Final (MAR) Actual: 0.8% Expected: 0.8% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-15
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.93%, while traders in France 40 are at opposite extremes with 75.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F80m5ro5O1
  • Heads Up:🇪🇸 Balance of Trade (FEB) due at 08:00 GMT (15min) Previous: €-1.769B https://www.dailyfx.com/economic-calendar#2021-04-15
  • Heads Up:🇮🇹 Inflation Rate YoY Final (MAR) due at 08:00 GMT (15min) Expected: 0.8% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-15
  • German Health Minister says Germany will have 20% of population vaccinated by the end of April $EUR
  • $NZD at a 3-1/2 week high, paring the drop that stemmed from recently announced NZ housing measures https://t.co/ocdA74ucmI
Gold Snaps 6-Week Losing Streak As NFPs Fuel Bets for 2015 Rate Hike

Gold Snaps 6-Week Losing Streak As NFPs Fuel Bets for 2015 Rate Hike

Michael Boutros, Strategist
Gold Snaps 6-Week Losing Streak As NFPs Fuel Bets for 2015 Rate HikeGold Snaps 6-Week Losing Streak As NFPs Fuel Bets for 2015 Rate Hike

Fundamental Forecast for Gold:Neutral

Gold prices snapped a six-week losing streak on Friday with the precious metal rallying 2.55% to trade at 1084 ahead of the New York close. The advance comes on the back of strong US employment data with a breakdown in the greenback also helping supporting the beaten down metal.

The release of the November US Non-Farm Payrolls report on Friday sparked the bulk of this week’s advance with prices rallying alongside the U.S. Dollar & equities into the close. An unexpected uptick in the labor force participation and upward revisions to last month’s stellar print leaves the stage set for a Fed liftoff later this month. Looking ahead to next week, investors will be looking for US data to continue to meet market expectations with Retail Sales & the University of Michigan Confidence surveys on tap next week.

So why did gold rally so ferociously? Keep in mind the short-side has been a crowded trade as of late. As highlighted in this week’s CoT report (Commitments of Traders), the difference between net speculative positioning and net commercial positioning has never been lower with the last few pullbacks into this territory marking key lows in price. Bottom line, the blow-off on a trade like this could linger for some time and the near-term focus is on confluence resistance just higher.

From a technical standpoint, gold prices came into key support early in the week at the 61.8% extension of the decline off the 2012 high at 1053 with the rebound looking to set an outside weekly reversal candle. The advance marks the largest daily range & single day advance since the October 2nd outside-day reversal which inevitable fueled a rally into 3 ½ month highs. Note that daily & weekly momentum profiles have marked strong bullish divergence into these lows, suggesting the near-term risk remains weighted to the topside.

Key resistance stands at 1098-1101 where a TL resistance pivot extending off yearly high converges on the 38.2% retracement of the October decline & the July low-week close. This region represents broader downtrend resistance and a breach above would be needed to validate a larger-scale reversal targeting subsequent objectives at 118 and the 61.8% retracement at 136. A break of the lows eyes support targets at 1044 (2010 low) and more significant Fibonacci confluence at 975/80.

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

DISCLOSURES