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
EUR/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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
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
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Michael Boutros, Strategist

Gold Technical Outlook

Gold prices were higher this week with the precious metal up more than 1.1% to trade at 1240 ahead of the New York close on Friday. The rally marks the fourth consecutive week of advances in gold with price now testing a critical weekly resistance zone. Here are the updated targets and invalidation levels that matter on the XAU/USD weekly chart into the monthly close. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Gold Weekly Price Chart

Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Technical Outlook: In our last Gold Weekly Technical Outlook, we continued to highlight a critical resistance confluence at 1235/38, “a region defined by the 38.2% retracement of the yearly range, the 100% extension of the advance off the August low, the December swing low and the long 200-week moving average.” Price is testing this zone now and a weekly close above is needed to keep the immediate long-bias viable.

A breach targets subsequent topside resistance objectives along the 75% line (currently ~1250s) backed by the 50% retracement of the yearly range at 1262. Interim weekly support remains at 1210 with broader bullish invalidationsteady at the yearly low-week close at 1184.

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: The broader outlook remains constructive for gold but the immediate advance takes price into a pivotal resistance confluence. Gold needs to close above 1238 to keep the rally alive. A close below would leave the risk for a pullback heading into the close of the month with such a scenario to offer more favorable long-entries closer to 1210/14. Trading short-term? Review this week’s Gold Scalp Report for a complete technical breakdown of the intraday trading levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment

Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +4.77 (82.7% of traders are long) – bearishreading
  • Long positions are2.5% lower than yesterday and 0.3% lower from last week
  • Short positions are 2.9% higher than yesterday and 10.2% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet, traders are less net-long than yesterday but more net-long from last week and the combination of current positioning and recent changes gives us a further mixed Gold trading bias from a sentiment standpoint.

See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

Key Economic Data Releases Next Week

Gold Weekly Technical Outlook: Breakout at Initial Resistance Targets

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Learn how to Trade with Confidence in our Free Trading Guide

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

Other Weekly Technical Forecast:

Australian Dollar Forecast: AUD/USD Price Sets Up for a Rise, GBP/AUD Risks Extending Reversal

British Pound Forecast: GBPUSD Short-Term Chart Looks Oversold

US Dollar Forecast: Dollar Advancing to 16-Month Highs Depends on Its Preferred Correlation

Equity Forecast: Technical Forecast for Dow, S&P 500, DAX, FTSE 100 and Nikkei

Euro Forecast: Can the Euro Continue Friday's Reversal?

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

DISCLOSURES