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
More View more
Real Time News
  • The updated dot plot will be a major focus for today’s FOMC announcement — perhaps even more so than taper timeline language. This is because Fed Chair Powell’s speech at Jackson Hole emphasized the decoupling of balance sheet normalization from future rate liftoff. $USD $DXY https://t.co/L1PFXmnK3g
  • UK energy supplier collapses now affect about 1.5mln households
  • It's #FOMC day and the markets are clearly tuned in. How will markets trade around the policy update? DailyFX's @JohnKicklighter discusses below! https://t.co/UP2VNEEqm5
  • 🇺🇸 Existing Home Sales MoM (AUG) Actual: -2% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2021-09-22
  • 💶 Consumer Confidence Flash (SEP) Actual: -4 Expected: -5.8 Previous: -5.3 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇺🇸 Existing Home Sales MoM (AUG) due at 14:00 GMT (15min) Previous: 2% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:💶 Consumer Confidence Flash (SEP) due at 14:00 GMT (15min) Expected: -5.8 Previous: -5.3 https://www.dailyfx.com/economic-calendar#2021-09-22
  • LIVE NOW: Join Technical Strategist @MBForex for his Mid-Week Market Update to review the setups we're tracking into the #Fed! https://t.co/NG58ycm07j
  • The DAX is coming off the July low after getting pummeled on Monday, narrowly missing a test of the 200-day moving average at 14931. Get your #DAX market update from @PaulRobinsonFX here:https://t.co/wfBAwBGQji https://t.co/4StdBoKlAk
  • $Gold trying to hold higher low support ahead of Fed https://t.co/8eTZ4mapBc
Gold Price Forecast: Is Gold Setting Up For The Next Leg Higher?

Gold Price Forecast: Is Gold Setting Up For The Next Leg Higher?

Nick Cawley, Strategist

Gold Price Analysis, Price and Chart

  • Monday’s bull-candle improves positive gold sentiment.
  • Little resistance on the way to March’s high trade.

Gold Looking to Consolidate Before Making its Next Move

After rallying around $60/oz. on Monday, gold gave back some of its gains yesterday after touching a fresh one-month high. Current price action suggests traders are waiting for a catalyst before making the next move and with a long weekend approaching, the precious metal may remain rangebound in the short-term.

Monday’s sharp rally has given gold a shot of positive sentiment and this may last going forward. Gold broke a series of lower highs and higher lows decisively to the upside and took out the recent $1,644/oz. high made on March 26. Gold respected the 61.8% Fibonacci retracement level at $1,607.6/oz. three times in as many days and this level should now act as support in the face of any sell-off.

For gold to make a fresh eight year+ high – above $1,703.2/oz. – the $1,672/oz. - $1,675/oz. area needs to be closed above. Above here there is little in the way of resistance before the March 9 high. Gold remains supported by all three moving averages.

While the market remains slightly biased to risk-on assets, traders may look to book gains ahead of the Easter weekend. The spread of coronavirus continues and on Tuesday the US reported 1,800 fatalities, the most virus-related deaths in a single day. Globally the figure was nearly 7,400. If the figures over the next two days are higher, which according to various sources is likely, a risk-off move into the weekend may see gold gain a fresh safe-haven bid.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold Daily Price Chart (September 2019 – April 8, 2020)

Gold Price Forecast: Is Gold Setting Up For The Next Leg Higher?

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

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

DISCLOSURES