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
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it.Get your market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/NsEpx2pSqD
  • China home prices m/m for November: Actual: 0.3% Prior: 0.5%
  • #USDCHF pivot points (daily) – S3: 0.9722, S2: 0.9779, S1: 0.981, R1: 0.9867, R2: 0.9894, R3: 0.9951- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IMF to Australia: - Renewed overheating in the housing market poses a risk - #RBA and the government should keep macro policies accommodative (BBG)
  • #GBP, #SEK and the #NOK are expected to be the most active G10 currencies vs USD with 1-week implied volatility at 9.35, 9.13 and 8.90, respectively
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/RgnsklZ2Gl
  • The Australian and New Zealand Dollars trimmed their gains as optimism on the US-China “phase one” trade deal faded. NZD/USD is at risk to turning lower on signs of technical indecision $AUDUSD $NZDUSD #tradewars - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/16/Australian-Dollar-and-New-Zealand-Dollar-Outlook-as-Week-Begins.html?CHID=9&QPID=917702 https://t.co/SmVBWwojc3
  • - The Singapore Dollar (SGD) presents a unique undertaking for traders - It is guided by the MAS, which manages the exchange rate instead of short-term rates - Learn the principals of developing an SGD fundamental forecast to trade USD/SGD https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/eWM70sTfq3
  • Natural Gas trading is popular among traders due to its volatility. How can you trade this? Find out here: https://t.co/GSzSS9fn7Z https://t.co/bl0lp9NtkQ
Gold Prices Recover Entire March Decline – FOMC, US GDP in Focus

Gold Prices Recover Entire March Decline – FOMC, US GDP in Focus

2017-03-25 05:28:00
Michael Boutros, Technical Strategist
Gold Prices Recover Entire March Decline – FOMC, US GDP in Focus

Fundamental Forecast for Gold: Neutral

Gold prices are rallied for a second consecutive week with the precious metal up more than 1.56% to trade at 1248 ahead of the New York close on Friday. The advance comes amid continued weakness in the greenback with the DXY down 0.70% this week and leaves gold virtually unchanged for the month of March. The recovery closes the week just below resistance and although the broader picture still targets a new high in gold, the immediate advance is vulnerable into the close of the month while below near-term technical resistance.

Looking ahead to next week, traders will be eyeing the third and final read on U.S. 4Q GDP with consensus estimates calling for an upward revision to 2% from 1.9%. Aside from the economic docket, look for a fresh batch of Fed rhetoric to drive USD / Gold price action with Chicago Fed President Charles Evans, Dallas Fed President Robert Kaplan, Chair Janet Yellen, Fed Governor Jerome Powell and Minneapolis Fed President Neel Kashkari slated for commentary next week. Markets are priced for three hikes in 2017 and for gold, the fuel for a sustained push higher could be sparked by either a shift in the Fed’s tone or a broader turnover in equity markets- (note the SPX posted its largest weekly loss since November this week).

Gold Prices Recover Entire March Decline – FOMC, US GDP in Focus
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long Gold- the ratio stands at +2.0 (66.7% of traders are long)
  • Long positions are 4.2% lower than yesterday and 19.8% below levels seen last week
  • Short positions are also 0.4% higher than yesterday and a staggering 44.9% above levels seen last week
  • Despite the fact that retail remains net-long, it’s important to note that the recent build in short exposure leaves the risk weighted to the topside- look for a continued decrease in long-positioning to offer further evidence of a broader shift in sentiment.

Gold Daily

Gold Prices Recover Entire March Decline – FOMC, US GDP in FocusGold Prices Recover Entire March Decline – FOMC, US GDP in Focus

Last week we noted that, “pullback’s should be viewed as opportunities for long-entries while above this week’s low with a breach higher targeting initial resistance objectives at the March open / 2017 high-day close, 1248/52 backed by the 200-day moving average (currently ~1260) & the 1278 key resistance level.” This week’s high registered at 1253 and heading into next week the game-plan remains unchanged.

I’ll be looking for some consolidation below this confluence resistance zone with our broader focus higher while above 1220- broader bullish invalidation rests with the monthly opening range lows / key support confluence at 1193/99. Topside break targets remain unchanged.

---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.


News & Analysis at your fingertips.