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.

Free Trading Guides
EUR/USD
Mixed
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
USD/JPY
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
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • $USD $CAD $MXN https://t.co/p3bP1d58In
  • #USDCHF pivot points (daily) – S3: 0.9823, S2: 0.9851, S1: 0.9862, R1: 0.9889, R2: 0.9906, R3: 0.9934 - https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Despite hollow assurance from Washington officials that talks are going “well”, markets appear to not be convinced as the potency of these remarks to elicit hope has waned.
  • This "we're really close" kind of repetition from officials feels like hearing from that one friend who is "just five minutes" who actually hasn't even gotten up and showered yet to leave the house. https://t.co/KjORhSzAR9
  • #EURUSD pivot points (daily) – S3: 1.104, S2: 1.1068, S1: 1.1086, R1: 1.1115, R2: 1.1126, R3: 1.1155- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Stock prices have recorded a string of record highs on hopes that the US and China will soon reach a partial trade deal, but $USDCNH continues to trade above the redline 7.0 level. Get your market update here:https://t.co/hcEjnpc3pl @realvision https://t.co/81W3zR8STz
  • Already said it would be for 2019 at the end of 2018 but okay. "In my view, the global outlook for growth...is pessimistic, given the global trend in recent years toward liberal-alternative ideologies that have a tendency to disrupt markets" - https://t.co/HQuIMhh9LL https://t.co/UmcfiQlpYS
  • En español: Previsión de $GBPUSD - La libra esterlina aplasta al dólar y quiere recuperar su máximo anual; patrón bandera de implicaciones alcistas parece haber sido validado #trading #forex #Brexit #GBP https://t.co/INuhkVuNAz https://t.co/HcrIm0cOSl
  • RT @SaqibReports: Recession watch. Updated. https://t.co/uXawHegMjJ
  • And here are a few #ASEAN, Asia #EmergingMarkets event risk: Dec 10 - Philippine Trade Balance 🇵🇭 - Chinese CPI 🇨🇳 Dec 12 - Philippine Central Bank rate decision 🇵🇭 - Indian CPI and Industrial Production 🇮🇳 - Malaysian Industrial Production 🇲🇾 And US-China #TradeTalks https://t.co/PlXqgVR6Dt
Gold Prices Fail to Rally Above Key Resistance

Gold Prices Fail to Rally Above Key Resistance

2017-03-23 18:19:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

  • Gold Prices Fail to Rally Above Key Resistance
  • 200 Day MVA Found at $1,247.92
  • Looking for additional trade ideas for gold and other commodities markets? Read Our Market Forecast

Gold prices are stalling this afternoon after finding resistance against its 200 day MVA (simple moving average. This line is found at $1,247.92, and a breakout above this point would technically suggest a shift in gold prices long term trend. The last time gold tested this value, prices were directly rejected and turned lower to the standing March low found at $1,204.75. If prices are again rejected, traders should first look for the commodity to test the 10 day EMA (exponential moving average) at $1,233.65 before trading lower.

Gold Price, Daily Chart with Averages

Gold Prices Fail to Rally Above Key Resistance

(Created Using IG Charts)

Intraday analysis currently has the price of gold trading under today’s central pivot at $1,247.17. While this is generally interpreted as bearish in the short term, traders should note that prices last bounced from support found at the S1 pivot at $1,232.82. If prices continue to rise, the next critical point of intraday resistance is found at $1,250.35. Gold has already attempted to trade above this value once, but was firmly rejected earlier in the session. A close above this point should be seen as significant however. If gold close above its 200 day MVA, it would be for the first time since November of 2016.

In the event of a bearish price reversal under today’s central pivot, traders should look for a move in price back towards the S1 pivot. This value has been a point of significant support earlier in the session, and a late day breakout would open the commodity to test new daily lows. Other values of support include both the S2 and S3 pivots, found at $1,239.70 and $1,235.42 respectfully.

Gold Price,30 Minute Chart & Pivots

Gold Prices Fail to Rally Above Key Resistance

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.