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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Gold
Mixed
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
USD/JPY
Bullish
More View more
Real Time News
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/kuqShllQFp
  • Although the longer-term technical outlook for AUD remains skewed to the topside, recent developments suggest the commodity-sensitive currency could lose ground against USD and JPY. Get your market update from @DanielGMoss here: https://t.co/Rl1h8WdXwp https://t.co/49RKx86FzG
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
Gold Price (XAU/USD) Stalls at Resistance

Gold Price (XAU/USD) Stalls at Resistance

Tammy Da Costa, Markets Writer

Gold Outlook:

Advertisement

Gold prices continue to trade sideways as US Dollar weakness works to buoy the precious metal but not enough to break the declining trendline which has prevailed since XAU/USD reached its peak in August. Delayed votes and sticking points in the fight for another coronavirus aid package in the United States have had modest impact thus far as investors look to the precious metal with mixed sentiment.

Gold Technical Analysis

Since reaching its peak in August, Gold continues to trade within confluent zones, highlighted by the Fibonacci retracement levels, with price action bouncing between support and resistance. However, the downward trajectory which has prevailed since August must still negotiate interest from bulls who are eager to push above the key psychological level of 1900.

Gold Forecast
Gold Forecast
Recommended by Tammy Da Costa
Download your free Gold Forecast
Get My Guide

Since rebounding off of the 50% retracement level at 1761, the crossover of the Moving Average Convergence/Divergence (MACD) below the zero line, provided a potential signal that bearish trend was losing steam and has since subsided, but now hovers on the zero-line until buyers or sellers can gain momentum.

Gold Daily Chart

Gold Daily Chart

Chart prepared by Tammy Da Costa, IG

Meanwhile, on the four hour chart, the descending trendline continues to hold bulls at bay, providing an additional barrier of resistance. However, the formation of a golden cross could be a potential signal that the short-term upward momentum may continue, provided resistance can be surpassed.

Gold 4 Hour Chart

Gold 4 hour chart

Chart prepared by Tammy Da Costa, IG

Client Sentiment

 Gold Price (XAU/USD) Stalls at Resistance
Starts in:
Live now:
Mar 01
( 11:03 GMT )
Learn how to identify trends with trader sentiment
FX Week Ahead: Strategy for Major Event Risk
Register for webinar
Join now
Webinar has ended

Gold: Retail trader data shows 81.96% of traders are net-long with the ratio of traders long to short at 4.54 to 1. The number of traders net-long is 1.75% higher than yesterday and 3.10% higher from last week, while the number of traders net-short is 10.38% higher than yesterday and 5.23% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.

Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

https://www.dailyfx.com/us-dollar-index?ref-author=dacostahttps://www.dailyfx.com/education/moving-average-convergence-divergence/macd-crossover.html

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

DISCLOSURES