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
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 USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here:
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI 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:
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
Gold Prices Eyeing Resistance at 1785 as Traders Await Jackson Hole

Gold Prices Eyeing Resistance at 1785 as Traders Await Jackson Hole

Margaret Yang, CFA, Strategist


  • Gold prices ranged at around $1,785 for the past week, waiting for fresh catalysts
  • The Jackson Hole symposium will be closely eyed by bullion traders for clues about the Fed’s tapering timeline
  • Breaking above $1,785 may open the door for further gains, whereas a pullback may bring $1,750 into focus

Gold held steadily during Monday’s APAC session as bullion traders awaited for the Jackson Hole symposium later this week. The latest FOMC meeting minutes signaled that a majority of Fed members support an idea to scale back the $120 billion per month in asset purchases by the end of this year. Fed Chair Jerome Powell’s speech on Friday may strengthen this prospect, although recent economic data has shown signs of a slowing recovery.

Against this backdrop, the DXY US Dollar index advanced to an eight-month high as market participants attempted to price in tightened liquidity conditions towards the end of the year. As a result, gold prices faced strong resistance to move up despite escalating geopolitical tensions in Afghanistan.

Gold Price vs. US Dollar IndexPast 12 Months

Gold Prices Eyeing Resistance at 1785 as Traders Await Jackson Hole

Source: Bloomberg, DailyFX

Looking ahead, traders are eyeing Friday’s UScore PCE inflation data for clues about rising price levels and their ramifications for the Fed policy. The figure is expected to hit 3.54% YoY in July, marking the highest level since 1992. A stronger-than-expected reading may strengthen the prospect for tapering and weigh on gold prices, whereas a weaker one may lead to the reverse.

Technically, gold prices are about to challenge an immediate resistance level at 1,785 – the 61.8% Fibonacci retracement. A failed attempt to breach 1,785 may lead to a pullback towards 1750 for immediate support. The MACD indicator is about to form a bullish crossover, suggesting that upward momentum may be building.

Gold - Daily Chart

Gold Prices Eyeing Resistance at 1785 as Traders Await Jackson Hole

--- Written by Margaret Yang, Strategist for

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

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