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
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
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • 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/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • 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: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
Gold Prices Hold Tight Range Ahead of FOMC, North Korean Summit

Gold Prices Hold Tight Range Ahead of FOMC, North Korean Summit

Michael Boutros, Strategist

Fundamental Forecast for Gold: Neutral

Gold prices inched higher this week with the precious metal up nearly 0.30% ahead of the New York close on Friday. The gains come amid continued strength in U.S. equity markets with the S&P 500 pressing higher for a third consecutive week. A newfound weakness in the US Dollar has continued to put a floor under gold prices with the DXY down nearly 0.7% this week.

FOMC Rate Decision Takes Center Stage

It was a quiet week for economic data but things pick up next week with central bank rate decisions from the FOMC, the ECB (European Central Bank) and BoJ (Bank of Japan) on tap. The Federal Reserve is widely expected to hike the benchmark interest rate by 25 basis points and the focus will be on the updated economic projections as they pertain to growth, employment and inflation. For gold, a hawkish tone from the central bank could weigh on demand for non-yielding assets like gold. However, with growing concerns regarding a mounting global trade war, Fed Chair Jerome Powell & Co may leave the door open for a more gradual normalization process if the dot plot reaffirms expectations for just one more hike this year- such a scenario would likely be bullish for gold,

North Korean Summit – The "X" Factor

Further highlighting event risk next week will be the highly anticipated meeting between President Trump and North Korean Leader Kim Jong Un for the Nuclear Summit- an X factor for traders that could be a big driver of near-term risk sentiment (depending on how things go). For gold, these events have the potential to fuel a break of a multi-week range in price. Keep in mind that despite all the volatility seen in prices in 2018, bullion is down just 0.5% year-to-date and from technical standpoint, we’re looking for a breakout a near-term consolidation range to offer guidance.

New to Trading? Get started with this Free Beginners Guide

Spot Gold IG Client Positioning

Gold Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +3.93 (79.7% of traders are long) –bearishreading
  • Long positions are 2.3% lower than yesterday but1.2% higher from last week
  • Short positions are 5.9% higher than yesterday and 5.7% 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 and the recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.

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

Gold Weekly Price Chart

Gold Price Chart - Weekly Timeframe

Gold prices have continued to trade in a contractionary range just below yearly open resistance at 1302 with support eyed at the 61.8% retracement of the December advance at 1285. A weekly close below this level targets longer-term upslope support around ~1255 backed closely by the 50% retracement of the late 2016 advance at 1245.

Bottom line: It’s make-or-break at these levels and we’re looking for a breakout of this range heading into next week. Note that the last few times that weekly RSI has fallen to these levels, price has recovered and adds further significance to the current momentum profile. For a complete technical breakdown of the near-term Gold price levels (daily & intraday), review this week’s XAU/USD Technical Outlook.

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

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

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES