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
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
  • #RBA Minutes: Saw incremental benefit of cuts, lag in transmission. Forecast consumption recovery a key uncertainty -BBG $AUDUSD
  • #RBA Minutes: Reviewed case for further rate cut at Feb meeting, cut could spur borrowing amid strong upswing in housing -BBG $AUDUSD
  • When you realize the #BoJ is already at negative rates, implementing yield curve control and using QE liberally after the worst q/q GDP contraction since 2014 https://t.co/VZdInopjyv https://t.co/FYgpLSqf9p
  • Heads Up:🇦🇺 AUD RBA Minutes of Feb. Policy Meeting (FEB) due at 00:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-02-18
  • The Japanese #Yen and #gold prices rose as #Apple said that it is expected to miss revenue guidance amid the #coronavirus. $AUDJPY may fall after closing under near-term support - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/02/18/Yen-Gold-Prices-May-Rise-as-Apple-Sees-Revenue-at-Risk-on-Coronavirus.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/parkiPUHWb
  • Japan's Finance Minister Taro Aso: Still see domestic fundamentals as fairly solid, need to closely monitor coronavirus effect on economy -BBG
  • My trading video to start the week: 'S&P 500 and $AUDUSD Don't Share in Shanghai Rally, $EURUSD Stalking Lows' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/17/SP-500-and-AUDUSD-Dont-Share-in-Shanghai-Rally-EURUSD-Stalking-Lows.html?ref-author=Kicklighter?CHID=9&QPID=917719
  • ❗ Risk Aversion ❗ Why? 3 things: a) #Apple reported to expect missing March quarter revenue guidance on #Coronavirus b) China reported 1807 new #Wuhanvirus c) Thin trade - Wall Street was closed Mon = #SP500 futures down, $USDJPY and $AUDUSD down, #gold prices up https://t.co/OIR8LRbtn3
  • China's Hubei confirms 1,807 new #Coronavirius cases alongside 93 deaths on February 17 -BBG
  • #CrudeOil prices rose after positive RSI divergence and the push above falling resistance from early January. Positioning signals also hint an upside bias on rising short bets. Join me on Wednesday's at 1:00 GMT for discussions on traders' bets here - https://www.dailyfx.com/webinars/998956395?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Q8kq4p9bVf
Gold Swings Down to Set Higher Low – Key Support 1211

Gold Swings Down to Set Higher Low – Key Support 1211

2016-04-16 00:53:00
Michael Boutros, Technical Strategist
Gold Swings Down to Set Higher Low – Key Support 1211Gold Swings Down to Set Higher Low – Key Support 1211

Fundamental Forecast for Gold: Bullish

Gold prices pulled back to mark the first weekly loss in three with the precious metal off 0.79% to trade at 1230 ahead of the New York close on Friday. The decline comes amid renewed strength in broader equity markets with all three major U.S. indices now in positive territory for the year. Despite the losses however, the medium-term outlook remains constructive while above a support confluence at 1211.

In light of next week’s light U.S. docket, traders will be lending a keen ear to commentary from another round of Fed speakers with New York President William Dudley, Minneapolis President Neel Kashkari and Boston Fed President Eric Rosengren on tap. Officials have continued to suggest that the central bank remains on track to further normalize policy this year with Atlanta Federal Reserve President Dennis Lockhart noting that there is still room for two or three rate hikes in 2016.

Market expectations are not in line with these comments however with Fed Fund Futures now pricing in the first rate hike to be in December. As such, trader will continue to monitor incoming economic data both domestically & aboard as global central banks continue to foster a more accommodative monetary stance amid growing concerns regarding subdued global growth among the world’s largest economies. Higher rates are generally bearish for the yellow metal which does not pay a dividend and if interest rate expectations continue to fall, look for prices to remain well supported.

Gold Daily

Gold Swings Down to Set Higher Low – Key Support 1211

From a technical standpoint, gold is either setting up a multi-month head & shoulders top OR consolidating into a triangle with an inevitable topside breach favored. In either case, the key levels remain the same with key support eyed at 1211/12 backed by our broader bullish invalidation level at 1191/93. Resistance stands at the February & March high-day closes at 1246/50 with a breach above the median-line confluence, just ahead of the 2016 high-close at 1271 needed to validate the next leg higher. Note that daily momentum has continued to hold above 50 since the start of the year and we’ll want to see this continue if the long-bias is to remain intact.

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


News & Analysis at your fingertips.