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
Oil - US Crude
Bullish
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
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/k49UosZOUR
  • The US Dollar seems to be losing its momentum against ASEAN currencies as of late. Could this be another top in USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/rVBKBuhhAb https://t.co/lTT6oelIEc
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/JTw3w7KYXP
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.15% 🇯🇵JPY: -0.18% 🇬🇧GBP: -0.39% 🇳🇿NZD: -0.56% 🇦🇺AUD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/a8XYJHybtN
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: -0.05% Oil - US Crude: -0.25% Gold: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/C66zBofenc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.72%, while traders in France 40 are at opposite extremes with 71.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6QmJTzlrho
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/8PhqKCpyzf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.03% France 40: 0.03% US 500: 0.02% FTSE 100: -0.06% Germany 30: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Mkxtacawl4
  • AUD declined into the weekend, wiping out earlier gains against USD #IronOre tumbled this week, with futures on #SGX down about 15%! -> 3-month low China is further cracking down on steel output to ebb pollution Iron ore is a key AU export to China, posing a risk #AUD $AUDUSD https://t.co/NSDM7Ln5sA
Gold Price Forecast: Is This The Calm Before The Storm?

Gold Price Forecast: Is This The Calm Before The Storm?

Peter Hanks, Strategist

Gold Price Forecast:

Gold Price Forecast: Is This The Calm Before The Storm?

Gold finds itself at a crossroad ahead of a major week for markets. While the current trading week began with a bang in many risk-sensitive assets, gold has enjoyed relatively calm price action and teeters on the brink of a range breakout should US Treasury yields continue to slip. With the July FOMC rate decision fast approaching and gold on the precipice of a potential rally or reversal, price action may slow until the event risk has passed in what could be called the “calm before the storm.”

Gold (XAU/USD) Price Chart: Daily Time Frame (July 2020 - July 2021)

gold daily price chart

How to Trade Gold: Top Gold Trading Strategies and Tips

That said, a flurry of nearby technical levels will also look to keep gold contained until an appropriate catalyst arrives. To the topside resides the 50-day simple moving average, a recent swing high near $1835 and a Fibonacci level, all of which may make it difficult to establish progress higher.

Not far from the current spot price resides the 200-day simple and exponential moving averages as well as a descending trendline from August. The trendline marks the topside of the descending channel that has been in play since August 2020 and has served as resistance numerous times in the last year.

Gold (XAU/USD) Price Chart: 4 - Hour Time Frame (February 2021 - July 2021)

gold price chart

Evidently, the collection of major technical levels and moving averages make the landscape difficult to navigate but can also open the door to multiple trading strategies. Breakout trading, range trading, and swing trading strategies may all prove applicable given the current price chart and one’s own directional bias. Trading at such a pivotal point on the chart, the coming days could lead the way for a longer-term trend in gold prices. Nevertheless, patience may prove to be the most prudent option at this stage as Fed meetings have a tendency to spark market movement.

In addition to insights and commentary from the Federal Reserve, US traders will look to earnings from the country’s largest technology companies as roughly 40% of S&P 500 components are set to report in the week ahead. While summer trading conditions have often worked to subdue volatility, the potential for price movement next week appears high and gold looks to be coiled like a spring. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

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

DISCLOSURES