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.

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
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
Oil - US Crude
Bearish
Wall Street
Bullish
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
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.06% France 40: -0.05% Germany 30: -0.06% Wall Street: -0.12% FTSE 100: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sQtWwqxVB7
  • today's webinar uploaded and ready to go -> Heavy $USD focus, looking at $EURUSD, $GBPUSD, $USDCAD and $AUDUSD https://t.co/YlQt67Gr4t
  • Heads Up:💶 ECB President Lagarde Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-23
  • Momentum off of the Fed rate forecast and subsequent reversal has faded and now the markets are weighing growth. DailyFX Chief Strategist @JohnKicklighter discusses Wednesday trade! https://t.co/UetJ3bUPhx
  • Going live for this week's webinar in 5 minutes, talking updated tech levels on the major indices, gold and crude as well as a recap of $AMZN Prime Day and its impact on the stock Join here - https://t.co/BY5KNZL8nf https://t.co/lVUKDPMMkA
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.39% 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.17% 🇪🇺EUR: 0.10% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/r7HMBxWAon
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.14% US 500: 0.08% Wall Street: -0.08% France 40: -0.60% Germany 30: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aJA5hMmy6P
  • Heads Up:🇺🇸 Fed Bostic Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-23
  • $EURUSD moving in for a resistance test https://t.co/IVDgKspjaf https://t.co/rhnzdAwiEI
  • AUD/USD bounces back from FOMC selloff. Powell returns to bearish rhetoric after markets react to hawkish FOMC. Get your $AUDUSD market update from @HathornSabin here:https://t.co/hYD0jSbkNx https://t.co/9FUCS7HjbN
Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

Michael Boutros, Strategist
Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

Fundamental Forecast for Gold: Bullish

Gold prices surged this week with the precious metal up nearly 2.7% to trade at 1348 ahead of the New York close on Friday. The losses come amid continued weakness in broader risk assets with all three U.S. Major Indices down more than 4% on the week. For gold, the advance has taken prices through the monthly opening-range highs and keeps the focus higher heading into the monthly close.

The Federal Reserve raised interest rates this week by 25bps as expected with the updated economic projections highlighting and upward revision to both growth and employment for 2018. Still, the interest rate dot plot continued to suggest that the committee remains on course for three hikes this year as inflation expectations remain firmly anchored at 1.9%.

Review Michael’s educational series on the Foundations of Technical Analysis: Building a Trading Strategy

For gold, the prospect of a more gradual normalization path from the central bank alleviated the recent downward pressure with mounting concerns over the potential for a global trade war stoking demand for the perceived safety of the yellow metal. From a technical standpoint, Gold has stretched into fresh monthly highs with the advance keeping the near-term focus higher heading into next week.

New to Trading? Get started with this Free Beginners Guide

Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven DemandGold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven DemandGold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand
  • A summary of IG Client Sentimentshows traders are net-long Gold - the ratio stands at +2.09 (67.7% of traders are long)- bearish reading
  • Long positions are 0.2% higher than yesterday and 15.2% lower from last week
  • Short positions are 0.6% higher than yesterday and 19.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.

See how shifts in Gold retail positioning are impacting trend- Read more about how to impliment Sentiment in your trading!

Gold Daily

Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

Price Chart

Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

A breach above the objective monthly opening-range highs alongside an RSI resistance-trigger break keeps the focus higher in gold heading into the March close. Prices are now poised to post an outside weekly reversal candle off support (bullish). Note that daily momentum has been unable to break below 40 since the yearly high and keeps the momentum profile in a bullish posture for now- look for a weekly close above 60 to confirm.

The rally is attempting to break through the 2018 high-day close at 1348- just higher rests basic channel resistance extending off the yearly high around ~1356. A breach above this threshold is needed to mark resumption with such a scenario targeting the 2016 high close / 2018 high at 1366 backed by a key Fibonacci confluence at 1378/79.

What are the traits of a Successful Trader? Find out with our Free eBook!

Gold 120min Price Chart

Gold Prices Bid as Markets Sell-off, Trump Tariffs Stoke Haven Demand

Earlier this month I noted that, “IF prices are heading higher, support into this level should hold (. A breach above the median-line shifts the focus back towards the 1339 target and the upper parallel / 2017 high-day close at 1346.” A closer look at gold sees prices breaking above basic slope resistance extending off the February high with the advance taking out both targets on this stretch. Interim resistance stands with the upper parallel at ~1356. Interim support now 1339 with broader bullish invalidation now raised to the yearly low-day close at 1317.

Bottom line: Look for a high early next week to give way to a near-term set-back in price. Ultimately we’ll be tracking for more favorable long-entries while above 1317 targeting a breach of this channel.

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

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Subscribe to his email distribution list.

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

DISCLOSURES