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
Mixed
Oil - US Crude
Mixed
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
Wall Street
Bearish
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #AUDJPY could be poised to break lower as price challenges the hypotenuse of an Ascending Triangle These patterns tend to resolve to the upside however, with price breaking back below its short-term moving averages, a downside break may be on the cards $AUD $JPY https://t.co/WfTZNGo7MB
  • Heads Up:🇮🇩 Business Confidence (Q1) due at 04:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-21
  • The US Dollar weakened against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso as Treasury yields fell. More of the same may be ahead. Get your market update from @ddubrovskyFX here:https://t.co/kboT6ovHpd https://t.co/AqaMqKmOkP
  • RT @FxWestwater: New Zealand Dollar Forecast: Technical Levels for $NZDUSD, $NZDCAD, $NZDJPY Link: https://www.dailyfx.com/forex/technical/article/special_report/2021/04/21/New-Zealand-Dollar-Forecast-Technical-Levels-for-NZDUSD-NZDCAD-NZDJPY.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/IG…
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
Gold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes

Gold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes

Michael Boutros, Strategist
Gold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes

Fundamental Forecast for Gold: Neutral

Gold prices pressed higher for a third consecutive week with the precious metal up 0.39% to trade at 1238 ahead of the New York close on Friday. The gains come on the back of a fresh batch of Fed commentary and while the broader focus remains higher in bullion, prices continue to hold just below key technical resistance.

Highlighting this week’s economic docket was Fed Chair Janet Yellen’s semi-annual Humphrey Hawkins testimony before congress. The remarks casted a slightly more hawkish outlook as Yellen warned of the risks of keeping rates too low for too long and while we’ve heard this commentary before, it’s becoming increasingly more relevant as U.S. economic data continues to heat up. That said, market expectations remains steady for a June rate hike with Fed Fund Futures pricing a 73% chance. Expectations for a hike at the May meeting have climbed to 56% - although it’s important to keep in mind the central bank has never hiked on an off-presser meeting (who knows, it’s the year of the ‘unprecedented’ – maybe they break suit?). For gold, look for a creep higher in interest rate expectations & strength in the greenback to curb demand for the yellow metal.

Gold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long Gold- the ratio stands at +1.04 (51% of traders are long)
  • Long positions are 4.0% lower than yesterday and 11.5% below levels seen last week
  • Short positions are 9.1% higher than yesterday and a full 22.2% above levels seen last week
  • Open interest is 2% higher than yesterday and 0.9% above its monthly average.
  • It’s worth noting that the retail crowd has been on this trade and the persistent narrowing in the ratio from recent extremes of +4.5 continues to leave the immediate advance vulnerable while price is below resistance.

Gold Weekly

Gold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes

Gold Daily

Gold Prices Flirt with 1250 Hurdle Ahead of FOMC MinutesGold Prices Flirt with 1250 Hurdle Ahead of FOMC Minutes

We’ve continued to highlight this key resistance zone at 1241/49 over the past few weeks, “with price turning just ahead of the 1249 target (high was 1245). Note that we’ve continued to mark divergence into these highs and I’m still mindful of trying to chase this any higher from here. There’s only been one down week so far this year as equities have continued to push into record highs- that’s not a reason to get bearish, but certainly highlights the threat to the current uptrend.”

The technical picture remains unchanged heading into next week. The advance is at risk below 1250 with interim support eyed at 1217 backed by the median-line (blue) which converges on the May low-day close at 1205 next week. A break below this threshold would suggest a more significant high is in place – That said, a drop into these levels should be viewed as a long-opportunity. A breach above 1250 targets subsequent topside objectives at 1258/62 (52-week & 200-day moving averages) backed by key resistance at 1277/79 Fibonacci confluence.

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES