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
Wall Street
Bearish
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
Bearish
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
More View more
Real Time News
  • The 10-day range and realized volatility (ATR) on $USDMXN are the lowest since 2008 and 2014 respectively. Breakout risk is high - when the right spark comes along (eg FOMC) https://t.co/teP1XQI7W6
  • Bitcoin taking a breather today after rallying back above $47,000. 50-day MA crosses back above the 200-day MA $BTCUSD #Bitcoin https://t.co/5Yidx9WQhc
  • AUD/USD extends the decline following the larger-than-expected contraction in Australia employment as fresh data prints coming out of the US fuel speculation for an imminent shift in monetary policy. Get your $AUDUSD market update from @DavidJSong here:https://t.co/40vc0oCeiE https://t.co/vjrF47cALn
  • Gold prices are plodding along below symmetrical triangle support, with momentum indicators starting to point lower. Get your market update from @CVecchioFX here: https://t.co/9JDAY4QlnJ https://t.co/ftL6JbIC3c
  • Ouch. S&P Global said today that El Salvador's announcement that Bitcoin was legal tender represented an 'immediate' negative credit risk to its B- standing. They warn of trouble with IMF fund access and fiscal vulnerabilities. #Bitcoin
  • 🇺🇸 Overall Net Capital Flows (JUL) Actual: $126B Previous: $32B https://www.dailyfx.com/economic-calendar#2021-09-16
  • 🇺🇸 Foreign Bond Investment (JUL) Actual: $10.2B Previous: $10.9B https://www.dailyfx.com/economic-calendar#2021-09-16
  • US equities have come under a bit of pressure recently which has played in nicely with the recent trend in the S&P 500, which has been bouncing off a key trendline support for the past year. Get your market update from @HathornSabin here:https://t.co/QIyCQJUasG https://t.co/LxuUGGY4yS
  • Heads Up:🇺🇸 Overall Net Capital Flows (JUL) due at 20:00 GMT (15min) Previous: $31.5B https://www.dailyfx.com/economic-calendar#2021-09-16
  • Heads Up:🇺🇸 Foreign Bond Investment (JUL) due at 20:00 GMT (15min) Previous: $10.9B https://www.dailyfx.com/economic-calendar#2021-09-16
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.
Advertisement

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

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.

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