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  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.33% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.45% 🇳🇿NZD: -1.11% 🇦🇺AUD: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/e6FkqKIOLF
  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.17% Germany 30: -0.70% Wall Street: -0.85% France 40: -1.46% FTSE 100: -2.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgg0WIgTxK
  • ECB's Stournaras says ECB should accelerate PEPP purchases
  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
  • $Gold sell-off getting nasty just started to test 38.2 of the 18-20 major move ~1725 $GC $GLD https://t.co/1cb3hjRAR2 https://t.co/nXy6gomZU0
  • Gold printed a fresh eight-month low earlier in today’s session and the precious metal looks set to fall further if US Treasury yields resume their multi-month rally. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/I4RpWM0mEY https://t.co/OrtbLLncuK
  • $Silver not able to escape this rates move, testing tl support. not quite as bearish looking as $gold https://t.co/XnW51WNiBd
Gold Price Outlook - Stuck in a Rut Ahead of FOMC Decision

Gold Price Outlook - Stuck in a Rut Ahead of FOMC Decision

Nick Cawley, Strategist

Gold (XAU/USD) Analysis, Price and Chart

  • Gold is trapped between short- and long-dated moving averages.
  • Retail traders remain long but the sentiment is mixed.
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The FOMC meeting tomorrow (Wednesday) is likely to be the last chance to inject some excitement into the financial markets this year as investors start to wind down ahead of the seasonal break. Risk sentiment continues to swing either way, but these moves are becoming increasingly smaller and volatility is being pared back. Tomorrow’s meeting and Fed chair Jerome Powell’s subsequent statement will lead the market into the end of the year, especially if the US dollar moves markedly from its current lowly value. The Fed is not expected to make any policy changes but will likely try and steer rates, and the greenback, lower to try and keep the nascent US recovery on track. While recent data has been mixed to mildly positive, any economic comeback is going to take a long time and low-interest rates will be required for years ahead.

How to Trade Gold: Top Gold Trading Strategies and Tips

To learn more about moving averages, check out DailyFX Education

Gold is trading either side of the 38.2% Fibonacci retracement level at $1,836.9/oz. while today’s price range is also be kept in check by the 20- and 200- simple moving averages. The 20-/200-sdma crossover on December 5 showed that the short-term sentiment is weak, while this would be confirmed if the 50-dsma (blue line) breaks below the 200-dsma.Initial support is seen just under $1,820/oz. ahead of a cluster of lows on either side of $1,800/oz. before the 50% Fibonacci retracement at $1,763/oz. comes into play. To the upside, $1,866/oz.(50-dsma) to the December 8 high at $1,876/oz. should provide reasonable resistance.

Gold Daily Price Chart (April – December 15, 2020)

Gold Price Outlook - Stuck in a Rut Ahead of FOMC Decision
Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -15% -3%
Weekly -9% 16% -6%
What does it mean for price action?
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IG retail trader data show 78.61% of traders are net-long with the ratio of traders long to short at 3.67 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.

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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.

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