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
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
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
USD/JPY
Bullish
More View more
Real Time News
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/y0zq7YdcRf
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-15
  • Nasdaq 100 Hits All-Time High, Hang Seng and ASX 200 May Follow https://www.dailyfx.com/forex/market_alert/2021/06/15/Nasdaq-100-Hits-All-Time-High-Hang-Seng-and-ASX-200-May-Follow-.html https://t.co/Wqldw4aXNC
  • RT @FxWestwater: Hello traders! The Weekly Commodities Trading Prep webinar will be pushed 24 hours to Wednesday 2:00 GMT/10:00 pm EST. Joi…
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:https://t.co/yK48nZD1ag https://t.co/rRT4oBDnrK
  • Even in quiet market conditions, you can always find some activity #Philippine stock index (PSEi) up about 13.5% from late May low Expectations of easing lockdowns in the Manila capital region have been a fundamental driver Falling Wedge breakout facing the 61.8% Fib at 6916 https://t.co/VPtB78GRvl
  • USD/JPY IG Client Sentiment: Our data shows traders are now net-short USD/JPY for the first time since Jun 04, 2021 when USD/JPY traded near 109.52. A contrarian view of crowd sentiment points to USD/JPY strength. https://www.dailyfx.com/sentiment https://t.co/KPOyPWpuDn
  • Interesting tone update from the Bank of Indonesia ahead of this week's rate decision The CB said yesterday that it sees Rupiah weakening as 'still reasonable' But. it will maintain measures to stabilize the exchange rate See my tech update here - https://t.co/vu89Lt0boZ
  • The US Dollar continues to see varied performance against ASEAN currencies. USD/SGD is consolidating. USD/THB may bounce. USD/IDR and USD/PHP could continue lower.Get your market update from @ddubrovskyFX here:https://t.co/Ccvcy93t5X https://t.co/cejykWrenF
  • RT @FxWestwater: $AUDUSD Eyes RBA Minutes After Iron Ore Rally Fails to Lift Aussie Dollar Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/14/AUDUSD-Eyes-RBA-Minutes-After-Iron-Ore-Rally-Fails-to-Lift-Aussie-Dollar.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/AlQ6…
Gold Outlook Unfazed by Dismal NFP Report, Falling U.S. Equity Prices

Gold Outlook Unfazed by Dismal NFP Report, Falling U.S. Equity Prices

David Song, Strategist

Gold Talking Points

Gold was little changed even as the U.S. Non-Farm Payrolls (NFP) report dragged on the dollar, and the current environment may keep the precious metal within a narrow range as the data prints do little to alter the monetary policy outlook.

Image of daily change for financial markets

Gold Outlook Unfazed by Dismal NFP Report, Falling U.S. Equity Prices

Image of daily change for gold prices

Gold remain unfazed by the developments coming out of the world’s largest economy even as U.S. equity prices come under pressure, and the precious metal may continue to consolidate over the coming days unless the recent rout in risk appetite ultimately spurs a flight to safety.

Until then, the current environment may keep bullion within a narrow range as Federal Reserve officials remain upbeat on the economy, and Chairman Jerome Powell & Co. may continue to strike a hawkish forward-guidance for monetary policy as ‘the economy is strong, unemployment is near 50-year lows, and inflation is roughly at our 2 percent objective.’ With that said, the lackluster NFP print may do little to derail the Federal Open Market Committee (FOMC) from its hiking-cycle, and expectations for higher U.S. interest rates may keep gold prices under pressure especially as retail interest remains heavily skewed, with the IG Client Sentiment Report showing 83.7% of traders still net-long bullion.

Image of IG client sentiment for gold

The ratio of traders long to short stands at 5.12 to 1 as the number of traders net-long is 4.1% lower than yesterday and 12.1% lower from last week, while the number of traders net-short is 5.0% higher than yesterday and 2.3% higher from last week. The persistent slant in retail interest provides a contrarian view to crowd sentiment, with the string of failed attempts to test the August-high ($1225) still fostering a bearish outlook for bullion as both price and the Relative Strength Index (RSI) snap the bullish formations carried over from the same period.Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups.

Gold Daily Chart

Image of gold daily chart
  • Lack of momentum to push back above the $1210 (50% retracement) to $1219 (61.8% retracement) region may bring the downside targets back on the radar, with first area of interest coming in around $1172 (61.8% retracement) to $1177 (78.6% retracement).
  • Need a break/close below the Fibonacci overlap to bring up the 2018-low ($1160), which sits just above the $1156 (61.8% retracement) hurdle.

For more in-depth analysis, check out the Q4 Forecast for Gold

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES