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.



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
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
Wall Street
More View more
Real Time News
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • What's the difference between leading and lagging indicators? Find out from here:
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 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:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
Gold Prices to be Driven by Yellen Testimony, Brexit

Gold Prices to be Driven by Yellen Testimony, Brexit

Michael Boutros, Strategist
Gold Prices to be Driven by Yellen Testimony, Brexit

Fundamental Forecast for Gold:Neutral

Gold Prices rallied for a third consecutive week with the precious metal up more than 1.25% ahead of the New York close on Friday. The advance comes on the back of a fresh batch of dovish rhetoric from the FOMC with the committee lowering its growth projections as well as narrowing expectations for higher rates. The move prompted a reversal in the greenback with the U.S. Dollar Index (Ticker:USDOLLAR) off by 0.56% on the week.

During this week’s FOMC monetary policy press conference, Chair Yellen took a much more dovish tone on the trajectory of policy on the back of last month’s dismal Non-Farm Payrolls print & continued concerns over the upcoming Brexit vote – a topic Yellen admitted was a factor discussed in keeping rates unchanged this time around. Fed Fund Futures have now pushed out expectations for higher rates past February of 2017. The downward revisions & cautionary tone has market questioning whether or not the central bank really has a grasp on the current headwinds facing the economy with gold likely to remain well supported as suspicions of a global slowdown continue to fuel demand. That said, prices are coming off a major region of resistance here and the immediate long-bias is at risk heading into next week.

Looking ahead, traders will be fixated on the upcoming UK referendum as well as the semi-annual Humphry Hawkins testimony with Fed Chair Janet Yellen. On the back of this week’s rate decision, Yellen’s testimony before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday will be closely scrutinized as market participants attempt to ascertain both the timing and scope for Fed normalization amid the ongoing “uncertainty” she so passionately expressed on Wednesday. All eyes will be on the Brexit decision next Thursday and gold will likely see some serious volatility should voters choose to leave the EU. The immediate

Gold Daily

Gold Prices to be Driven by Yellen Testimony, Brexit

Last week I noted, “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.” Indeed this week saw price reverse sharply off the moving average, posting an outside-day reversal candle off resistance. While this occurrence is a bearish formation, gold failed to break below the basic weekly opening-range lows and we’ll be looking for a break sub-1271/73 to validate a near-term reversal in the pair targeting 1257 & 1244- both levels of interest for possible exhaustion / long entries.

Resistance targets remain unchanged with a breach / close above 1301 needed to keep the broader long-bias in play targeting the 200-week moving average at 1313 & the 2014 high-week close at 1334. We’ll maintain a more neutral stance heading into next week’s critical Brexit vote & Fed testimony with the general outlook calling for near-term weakness in gold prices to offer more favorable long-entries into confluence Fibonacci support targets. 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.