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
EUR/USD
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
GBP/USD
Bullish
USD/JPY
Mixed
Gold
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
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Chair of House Committee on Ways and Means Neal: - Differences on USMCA are pretty small - Democrats no worried about handing Trump a victory #trade $DXY $MXN $CAD
  • RT @JohnRentoul: New Kantar poll, 14-18 Nov: 18-pt Tory lead Con 45% +8 Labour 27% ±0 Lib Dem 16% -1 Green 3% ±0 Brexit Party 2% -7 (Chan…
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.23% Gold: -0.07% Oil - US Crude: -1.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PBjEYZBPo7
  • Crude #oil is down below $56 today to retest November lows https://t.co/90SZJRtYld
  • Aussie & Kiwi Dollar to USD Price: AUD/USD, NZD/USD Reversal’s Key Levels More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/11/19/Aussie-Kiwi-Dollar-to-USD-Price-AUDUSD-NZDUSD-Reversals-Key-Levels-MK.html?CHID=9&QPID=917714 https://t.co/LXEGC13aCn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.86%, while traders in France 40 are at opposite extremes with 80.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/x1FpC6lYus
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.06% Gold: -0.13% Oil - US Crude: -1.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/58K55NgnrB
  • Fed's Williams: - Money markets are looking good - Weighing flexible approach to setting interest rates
  • Fed's Williams: - Much focus on end of year in money markets - Following September's turmoil, money markets have really calmed down
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.93% France 40: 0.24% US 500: 0.22% Wall Street: 0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mNLZ6M4EIf
Spot Gold Price Chart Reveals Plunge Towards Support as USD Rips Higher

Spot Gold Price Chart Reveals Plunge Towards Support as USD Rips Higher

2019-04-11 18:30:00
Rich Dvorak, Junior Analyst
Share:

SPOT GOLD PRICE CHART – TALKING POINTS

  • Spot gold plunges below $1,300 after being rejected by technical resistance with added downward pressure from a rallying US Dollar and Treasury rates following yesterday’s release of the Fed’s March FOMC meeting minutes
  • XAUUSD now looks to hold crucial technical support in order to maintain its medium-term bullish uptrend
  • Do you trade gold? Check out these Top Gold Trading Strategies and Tips or download the free DailyFX Q2 Gold Forecast for comprehensive XAUUSD outlook

Gold is sinking today with spot prices trading roughly 1 percent lower and could put the medium-term bullish uptrend at risk if the precious metal falls further. Month-to-date spot gold performance remains in positive territory, however, despite today’s drop pushing gold below psychological support at the $1,300 level.

SPOT GOLD PRICE CHART: DAILY TIME FRAME (OCTOBER 31, 2018 TO APRIL 11, 2019)

Gold Price Chart XAUUSD

Spot gold enjoyed a healthy rebound higher earlier this month after prices based at the 38.2 percent Fibonacci retracement line drawn from the low recorded in November 2018 and top printed in February 2019. Although, the short-lived advance was halted once XAUUSD approached $1,310 yesterday where the 23.6 percent Fib and recent downtrend line rejected further upside. Less-dovish Fed language revealed in the March FOMC minutes could be contributing to the selling pressure in gold considering a surging US Dollar and rebounding interest rates make gold less attractive.

Now, XAUUSD is re-approaching technical support near the $1,285 price where prices have formed a strong area of confluence. Long-term uptrend support formed by the lows in November 2018 and earlier this month has potential to bolster gold prices while the 38.2 percent Fib looks to provide support once again. Nevertheless, a break below the rising trendline would likely threatens gold’s longer-term uptrend while a move above the falling trendline could reassert a bullish bias.

SPOT GOLD TRADER SENTIMENT PRICE CHART: DAILY TIME FRAME (OCTOBER 15, 2018 TO APRIL 11, 2019)

Spot Gold Sentiment XAUUSD Client Positioning Price Chart

Check out IG’s Client Sentiment here for more detail on the bullish and bearish biases of EURUSD, GBPUSD, USDJPY, Gold, Bitcoin and S&P500.

According to client positioning data from IG, 74.6 percent of spot gold traders are net-long with the ratio of traders long to short at 2.93 to 1. Although, the number of traders net-long is 8.7 percent lower than yesterday and 6.5 percent lower than last week.

TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

- Written by Rich Dvorak, Junior Analyst for DailyFX

- Follow @RichDvorakFX on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.