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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here:
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:
  • RT @michaeljburry: Read thread.
Fed to Make/Break Gold Rally- Bullish Invalidation at Weekly Low

Fed to Make/Break Gold Rally- Bullish Invalidation at Weekly Low

Michael Boutros, Strategist
Fed to Make/Break Gold Rally- Bullish Invalidation at Weekly Low

Fundamental Forecast for Gold: Neutral

Gold prices rallied for a second consecutive week with the precious metal up more than 2.2% to trade at 1275 ahead of the New York close on Friday. The advance comes in spite of a rebound in the greenback with the U.S. Dollar Index (ticker: USDOLLAR) rallying nearly 1% after reversing off Fibonacci support mid-week. Key upcoming event risk puts the immediate topside bias at risk as the dollar struggles to regain its footing.

Heading into next week, all eyes are on the Fed with the FOMC policy meeting on tap for Wednesday. Fed fund futures are factoring a zero percent chance that the central bank will raise rates and we’ll be expecting most of the volatility to come by way of the statement and subsequent presser with Chair Janet Yellen. Traders will be closely eyeing the committee’s updated projections as they pertain to growth, inflation, employment and the all-important interest rate dot-plot. Last time around the projections showed median estimates for the fed funds rate between 0.75%-1% for 2016 with the longer-running terminal rate seen at 3.25%.

On the back of last month’s dismal Non-Farm Payroll report, expectations for the timing of Fed normalization have been pushed out with markets now pricing in the first rate hike to be in February of 2017. If the Fed projections are adjusted to reflect market expectations, look for the repricing to remain supportive of gold prices as concerns about domestic growth, a material slowdown in China and the upcoming UK referendum continue to set a high bar for the possibility off Fed tightening.

Gold Daily

Fed to Make/Break Gold Rally- Bullish Invalidation at Weekly Low

Last week I noted that, “Heading into next week, the near-term focus remains higher while above Friday’s low. Initial resistance is eyed at 1250 where the 50% retracement of the May decline converges on basic trendline resistance off the yearly high. A breach here would suggest a more meaningful reversal is underway with subsequent topside objectives eyed at the upper median-line parallel, currently around ~1270/71.” Indeed prices did break above trendline resistance extending off the yearly high before encountering a near-term resistance confluence at 1278 where the 76.4% retracement of the decline converges on a newly identified ascending median-line formation extending off the March low.

We’ll take a more neutral stance heading into next week’s key interest rate decision with a general long-bias favored while above this week’s low at 1235. A breach higher from here targets subsequent topside objectives at 1293 & 1301 (2015 high-week & high-day closes) with more significant resistance seen at the convergence of the 200-week moving average and a sliding parallel extending off the February high. Continue to track this trade throughout the week on SB Trade Desk.

Looking longer-term? Click here to review DailyFX’s 2Q Gold Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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