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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Wall Street
More View more
Real Time News
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.02% US 500: -0.09% Wall Street: -0.10% France 40: -0.13% FTSE 100: -0.16% View the performance of all markets via
  • Get your Thursday market update from @DailyFX Chief Strategist @JohnKicklighter 👇. He covers the US Presidential debate and more!
  • US Eight-Week Bills Draw 0.090% Primary Dealers Awarded: 49.6% Indirect Bidders Accepted: 39.6% Direct Bidders Accepted: 10.8% B/C Ratio: 3.51
  • If the market's speculative leaders and its once-leading speculative catalysts can't reinvigorate a well-established bull trend, something significant is anchoring us
  • curious to see the results on this poll 👇
  • We are now less than two weeks away from the US Presidential Election 🇺🇸. What do you think the #FX market impact will be?
  • Pelosi says 'just about there' on relief deal - BBG
  • $CSX - the rail shipping company that I consider a good proxy to growth - managed announced its $5 billion share buyback last night, which is cat nip to stocks, and it too can't follow through on its opening gap
  • Tesla offered up an earnings beat last night and the speculative favorite that is up 412% (!) on the year is spinning its tires today in the aftermath
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇨🇦CAD: -0.03% 🇯🇵JPY: -0.21% 🇦🇺AUD: -0.26% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.52% View the performance of all markets via
Gold Price Forecast Sours as Losses Mount

Gold Price Forecast Sours as Losses Mount

2020-09-24 18:30:00
Peter Hanks, Analyst

Gold Price Outlook:

  • After suffering steep losses Monday, gold declines have continued, threatening secondary support
  • Still, the fundamental outlook for the precious metal has remained constant
  • Thus, the longer-term outlook remains constructive but the shorter-term outlook has weakened

Gold Price Forecast Sours as Losses Mount

After suffering a substantial decline on Monday, gold has continued lower as the week has progressed. As a result, the shorter-term technical landscape has been upended as various levels of support have been broken. While the fundamental forces at play remain unchanged, the technical developments have seriously eroded gold’s near-term price outlook.

Gold (XAU/USD) Price Chart: 4 – Hour Time Frame (June 2020 - September 2020)

gold price chart

We recently highlighted potential support near $1,862 if gold weakness persisted. Evidently, the area has offered a modicum of support, but a brief period beneath the line may have caused irreversible damage to the technical level. Consequently, the path lower has likely been made easier for bears and they may look to extend lower still. Suffice it to say, support beneath the $1,862 area is rather sparse until $1,800.

View our Podcast Episode on Risk Trading and Safe Havens

The $1,800 mark roughly coincides with the metal’s swing-highs in 2011 and 2012. Should it fail, the series of lower-lows will be continued, only weakening gold further. Therefore, $1,800 might be viewed as the “line in the sand” in the coming days as it looks to ward off an even deeper retracement.

Gold Price Chart: Weekly Time Frame (January 2010 – September 2020)

gold weekly price chart

Regardless, the longer-term outlook for gold from a fundamental standpoint has remained constant. With that in mind, recent losses may amount to healthy consolidation in the bigger picture, but they are not to be underestimated over shorter time horizons as gold appears increasingly vulnerable at this stage. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for

Contact and follow Peter on Twitter @PeterHanksFX

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