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
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Bullish
More View more
Real Time News
  • (Analyst Pick) Euro Price Outlook at Risk to Reversal. ECB, Brexit Deal Vote Loom $EURUSD #Euro #ECB #Brexit - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/10/22/Euro-Price-Outlook-at-Risk-to-Reversal.-ECB-Brexit-Deal-Vote-Loom.html?CHID=9&QPID=917702 https://t.co/jaXPxarxql
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Germany 30 are at opposite extremes with 77.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5EpSLSJ4qP
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.33% 🇬🇧GBP: 0.16% 🇦🇺AUD: 0.10% 🇪🇺EUR: 0.00% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GqA4iwiqlN
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.26% US 500: 0.21% Wall Street: 0.20% France 40: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FuBeDSt9EZ
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/1qjacaayxC
  • Very excellent article by my colleague @DavidCottleFX talking about India's banking system as credit growth chugs along at its slowest pace in over 20 years. Learn more about why the Indian Rupee is vulnerable below! $USDINR #Rupee https://t.co/xnHVPw2azs
  • As #China faces #trade conflict, internal unrest and slowing growth, democratic #India should be ripening as an investment destination. But its mired #banking sector will continue to weigh on growth, confidence and the #Rupee. https://www.dailyfx.com/forex/market_alert/2019/10/22/Indian-Rupee-Will-Struggle-Along-With-Indias-Troubled-Bank-Sector-.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • My trading video for today: '$GBPUSD Outlook Disputed By #Brexit Risks and Traders, EURUSD An FX Nexus' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/22/GBPUSD-Outlook-Disputed-By-Brexit-Risks-and-Traders-EURUSD-An-FX-Nexus.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • The gold-silver ratio is simple. It is the number of silver ounces you would need to trade to receive one ounce of #gold at current market prices. Find out how you can use this in your trading strategy here:https://t.co/kh5DZvduqD #CommoditieswithDailyFX $XAUUSD https://t.co/MmS9VdmQmP
  • The $JPY is overwhelmingly in the grip of fundamental and macro action, but $USDJPY charts show the pair in a fascinating spot. Get your market update from @DavidCottleFX here:https://t.co/nD8RuyzvGG https://t.co/uAp5lVBVsN
Gold Price Outlook: Support Holds, FOMC-Fuelled Breakout Looms

Gold Price Outlook: Support Holds, FOMC-Fuelled Breakout Looms

2019-07-30 08:00:00
Nick Cawley, Analyst
Share:

Gold (XAU) Price Outlook, Analysis and Chart

  • Gold coiled and ready to breakout.
  • FOMC the likely trigger.

Q3 2019 Gold Forecast and Top Trading Opportunities

Gold Readies to Break Higher if FOMC Accommodative

The daily gold price chart continues to show the precious metal trapped in a symmetrical triangle pattern with a breakout imminent, just one day before the FOMC meeting. Gold has been biding its time, and trading in a narrowing range, ahead of the Fed rate decision where the central bank is fully expected to cut interest rates by 0.25%, while expectations grow that a 0.50% cut may well happen. The price of gold moves higher when US interest rates move lower.

Live Coverage of the FOMC Rate Decision – Register Here.

A clean break, and close, above resistance will open the way to re-test the June 25 high at $1,439.4/oz. before the July 18 high at $1,453.0/oz. If we trade above this high, then gold will be back at levels not seen since May 2013. Downside protection at $1,411.0/oz. ahead of $1,400/oz. and $1,386/oz. Gold remains above all three moving averages, including the important 200-day ma, while the CCI indicator remains supported and looks set to move higher again.

200-Day Moving Average: What it is and How it Works.

The DailyFX Calendar covers all important market moving data releases and events.

Gold Price Daily Chart (January – July 30, 2019)

Gold Price Outlook: Support Holds, FOMC-Fuelled Breakout Looms

IG Client Sentiment data show that 69.8% of retail traders are net-long of gold, a bearish contrarian indicator. However, recent daily and weekly positional changes give us a stronger bearish contrarian bias.

How to Trade Gold: Top Gold Trading Strategies and Tips

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.