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.



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
Please try again
Oil - US Crude
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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
Gold Price Outlook - Struggling to Pull Back Losses as FOMC Meeting Looms

Gold Price Outlook - Struggling to Pull Back Losses as FOMC Meeting Looms

Nick Cawley, Strategist

Gold (XAU/USD) Analysis, Price, and Chart

  • Channel break leaves gold adrift.
  • One technical indicator suggests the sell-off may be overextended.

The multi-touch bull channel that has dictated the price of gold recently broke down yesterday as the precious metal fell to a one-month low. Yesterday’s move extended Friday’s sell-off and early price action today suggests that the precious metal may struggle to push meaningfully higher before the two-day FOMC meeting. Ahead of this meeting, US PPI and retail sales data will be released later today, and both prints have the potential to move the US dollar - and gold - in the short-term ahead of the Fed.

The daily gold chart clearly shows this week’s channel breakout. The recent sell-off has pushed the precious metal heavily into oversold territory, suggesting a potential pause in the move, while the 50-day simple moving average (blue line) acted as initial support on Monday. While tomorrow’s Fed announcement will be the main macro-driver for the US dollar and gold, from a technical point of view, gold may nudge back towards the bottom of the recent channel at $1,885/oz due to its oversold set-up. A break below yesterday’s low and the 50-day sma would open the way to $1,825/oz. (200dsma) and $1,808/oz.(May 13 swing low).

Gold Daily Price Chart (November 2020 – June 15, 2021)

Gold Price Outlook - Struggling to Pull Back Losses as FOMC Meeting Looms

Client sentiment data show 73.45% of traders are net-long with the ratio of traders long to short at 2.77 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.

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.

What is Market Sentiment and How Does it Work?

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.