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.

Free Trading Guides
Oil - US Crude
Wall Street
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
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
Gold Boosted by Softer Fed Stance- Resistance at 1130

Gold Boosted by Softer Fed Stance- Resistance at 1130

2016-01-31 08:05:00
Michael Boutros, Strategist
Gold Boosted by Softer Fed Stance- Resistance at 1130Gold Boosted by Softer Fed Stance- Resistance at 1130

Fundamental Forecast for Gold:Neutral

Gold prices are higher this week with the precious metal rallying nearly 1.8% to trade at 1117 ahead of the New York close on Friday. The move comes amid continued volatility in broader risk markets with the FOMC rate decision fueling speculation that the central bank will likely have to delay subsequent rate hikes. Although the dollar was weaker for the majority of the session, a late-week rally took the Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) to fresh highs. Ongoing technical divergence however continues to suggest the greenback remains vulnerable- with bullion standing to gain from dollar softness.

The Federal Reserve held interest rates this week as expected with the accompanying commentary citing a slightly softer tone with regards to the assessment of the economy and the probable timing of future rate hikes. FOMC officials noted that they were, "closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook." The commentary suggests that indeed the committee may have gotten a tad ahead of itself when they cited expectations for 4 rate hikes this year. Nevertheless, as the Fed attempts to buy more time gold may continue to regain some of its lost luster as traders look to the relative safety of the yellow metal amid the ongoing turmoil & volatility in broader equity markets.

Looking ahead to next week, traders will be eyeing a loaded economic docket for US data with Personal Income/Spending, ISM Manufacturing, Factory Orders, Durable Goods Orders and the highly anticipated Non-Farm Payroll report on tap. On the back of last week’ FOMC rate decision, a weaker print on US data could kick-out interest rate expectations even further- a positive for gold prices.

Gold price-action has remained constructive since the start of the year with the rally testing resistance at the upper median-line parallel extending off the October high this week before pulling back on Thursday. Heading into next week the immediate risk is for a move lower, before mounting the next offensive with confluence support seen lower at 1096/98 where the July low-week / low-day closes converge on slope support extending off the December lows. We’ll reserve this level as our bullish invalidation with a break below targeting 1088 & the 61.8% retracement of the advance at 1078. Bottom line: we’ll be looking for a pullback next week to offer favorable long entries with a breach higher targeting the 200-day moving average at 1131 & the 61.8% retracement of the decline off the October high at 1136.

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


News & Analysis at your fingertips.