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
EUR/USD
Bearish
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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/zqCvKazckA
  • 🇲🇽 Economic Activity YoY (JUL) Actual: -9.8% Expected: -10% Previous: -13.3% https://www.dailyfx.com/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.79%, while traders in EUR/GBP are at opposite extremes with 65.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pPMQB3Sgtf
  • Heads Up:🇲🇽 Economic Activity YoY (JUL) due at 11:00 GMT (15min) Expected: -10% Previous: -13.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • Norges Bank - total liquidity has been unevenly distributed between banks, leading to considerable uncertainty over supply of NOK. Adds that they will offer fully allotted F-Loans at fixed rates with 1 day maturities
  • London put on national Covid watch list amid recent surge in cases
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.29% Gold: -0.42% Silver: -1.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OTTxCl6GJR
  • Spanish health minister says the government recommends a total lockdown in Madrid
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇦🇺AUD: 0.02% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.22% 🇬🇧GBP: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/37yFAZ530P
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/Fa4sDLIjww
Gold Prices Cling to Support as Markets Await Fed

Gold Prices Cling to Support as Markets Await Fed

2017-03-11 02:47:00
Michael Boutros, Strategist
Share:
Gold Prices Cling to Support as Markets Await Fed

Fundamental Forecast for Gold: Neutral

Gold prices fell for the second consecutive week with the precious metal down 2.67% to trade at 1201 ahead of the New York close on Friday. Bullion is down more than 5% off the yearly high and has been fueled by expectations for higher borrowing costs from the Fed. Heading into next week, the quarterly FOMC policy meeting will be central focus with gold approaching key near-term support targets of interest.

U.S. Non-Farm Payrolls released on Friday topped expectations with a print of 235K as the unemployment rate fell to 4.7%. The move was accompanied by an uptick in the broader labor force participation rate, a welcomed shift the central bank will likely consider heading into next week’s critical rate decision.

With a 25 basis point rate-hike already priced-in for March, market participants will be focused on adjustments in the interest rate dot-plot as the central bank appears to be on course to further normalize monetary policy in 2017. Officials have noted three or even four rate-hikes could be appropriate this year as the Fed 'closes in' on its dual mandate. As long as the Fed stays on course, gold prices remain vulnerable to further losses- that said, the broader technical outlook remains tilted to the downside with near-term rebounds to offer potential short-entries.

Gold Weekly

Gold Prices Cling to Support as Markets Await Fed

Initial weekly support is eyed into 1193 backed closely by a more significant confluence region at 1176/80 (61.8% retracement of the December advance and the 2013 low) - This is a key region of support and an area of interest for near-term exhaustion / long-entries. Broader resistance now stands with former slope support which converges on the yearly high-week close at 1234.

Gold Daily

Gold Prices Cling to Support as Markets Await FedGold Prices Cling to Support as Markets Await Fed

A closer look at the daily chart further highlights this near-term support zone and while the broader technical outlook has turned over, prices could see a reprieve off these levels (especially on a dip 1176/80). From a trading standpoint, I’ll be looking for strength early in the week to offer favorable short-entries while below confluence resistance at 1234.

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

Follow Michael on 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