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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/2NE7dnWMM4
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/F0bT0tnjiY
  • $NOK slips on the release given market pricing had been for a signal of a slightly earlier hike than previously forecast https://t.co/iQcZ70pCII
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 93.4 Expected: 93.8 Previous: 92.5 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Norges Bank - The policy rate forecast is little changed since June 2020 Monetary Policy Report and implies a rate at the current level over the next couple of years, followed by a gradual rise as activity approaches a more normal level $NOK
  • 🇳🇴 Norges Bank Interest Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-09-24
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 93.4 Expected: 93.8 Previous: 92.6 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/HbVXBTslrS
  • SNB will detail FX interventions on a quarterly basis from September 30
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.66%, while traders in EUR/GBP are at opposite extremes with 64.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JxqLeQGhcS
Traders Wait For Gold Prices Next Breakout

Traders Wait For Gold Prices Next Breakout

2017-04-19 12:25:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

  • Traders Wait for Gold Prices Next Breakout
  • Daily Resistance is Found at $1,292.50; Support $1,279.03
  • Looking for more trade ideas for gold and other commodities markets? Register for our Q2 price forecast HERE.

After trading to new 2017 highs at $1,295.62 earlier in the week, gold prices are now consolidating. This sideways price action, allows traders time to plan for the markets next breakout. Technically traders should note that gold prices are forming an inside bar, as seen below on the daily chart.With prices failing to breakout to a new high or low in early trading, traders may elect to use Wednesday’s daily bar as a reference for values of support and resistance.

Wednesday’s high is found at $1,292.50, and currently acting as a point of resistance. Traders may look for bullish daily breakouts above this value. Alternatively Wednesday’s low is found at $1,279.03, which is currently acting as a value of support. A bearish breakout below this value would suggest a continuation in downward momentum, opening up gold prices to test other values of technical support.

Gold Price, Daily Chart & Inside Bar

Traders Wait For Gold Prices Next Breakout

(Created Using IG Charts)

Intraday, gold prices continue to range after testing support at today’s S1 pivot at a price of $1,281.22. If prices continue to rebound here, gold traders should look for the commodity to next pass through today’s central pivot found at 1,286.86. A move to today’s central pivot would suggest a change in momentum for gold in the short term. This would open gold prices to rally towards points of resistance including today’s R1 and R2 pivots found at $1,294.69 and $1,300.33. It should be noted that a move to either of these values would place gold back above yesterday’s daily high, suggesting a broader breakout may be occurring.

In the event that gold prices fall further intraday, traders may find the next values of support at today’s S2 and S3 pivots. These pivots are located at $1,273.39 and $1,267.75 respectively. A move to either of these points would also place the price of gold outside of yesterday’s daily range. In this bearish scenario, traders may look for the commodity to test longer term values of price support. This includes the April 11th swing low, which is found at $1,253.17.

Gold Price, Daily Chart & Inside Bar

Traders Wait For Gold Prices Next Breakout

(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