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
More View more
Real Time News
  • The US Dollar could lose some ground against ASEAN currencies such as the Singapore Dollar and Thai Baht amid slowing Emerging Asia Covid case growth. Softer US NFPs may also bode well.Get your market update from @ddubrovskyFX here:
  • This week's non-farm payrolls (NFP) will likely be key to gauge the direction of gold as markets look ahead to the Jackson Hole Economic Symposium. Get your market update from @FxWestwater here:
  • Will be discussing the Japanese #Yen and what you can expect throughout this week in about 15min! Signup for the webinar in the link below!
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here:
  • RT @FxWestwater: $NZDUSD Wedge Breakout Back in Play on Stellar Q2 Jobs Report Link:
  • 🇦🇺 Markit Services PMI Final (JUL) Actual: 44.2 Previous: 56.8
  • $AUDNZD likely to attempt closing at a new 2021 low over the remaining 24 hours following the stellar New Zealand jobs report The December 2020 low has been further exposed at 1.0418 since July's #RBNZ rate decision New Zealand bond yields on the rise
  • Strong jobs report lifts $NZD - Money markets pricing in a 93% probability of a 25bps hike at the August meeting (previously 77%) - Over the forecast horizon, the RBNZ had projected (in the May MPS) the unemployment rate to gradually fall to 4.3%
  • #NZDUSD cautiously higher after solid New Zealand jobs report Unemployment rate declined to 4.0% in Q2 from 4.7% prior (vs 4.4% anticipated) Job gains were at 1.7% y/y vs 1.2% expected Data seems to be supporting the case for a less-dovish #RBNZ given the cease to QE recently
  • 🇳🇿 Unemployment Rate (Q2) Actual: 4% Expected: 4.5% Previous: 4.7%
Gold Technical Outlook: Price Breakout Approaching Initial Targets

Gold Technical Outlook: Price Breakout Approaching Initial Targets

Michael Boutros, Strategist

Gold Technical Outlook: Price Breakout Approaching Initial Targets

A breach above the November range takes gold prices near five-month highs. Here are the targets & invalidation levels that matter on the XAU/USD charts next week.

A breach above the November range highs has taken gold prices to levels not seen since mid-July and keeps the focus higher heading into next week. These are the updated targets and invalidation levels that matter on the XAU/USD charts.

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

Gold Daily Price Chart (XAU/USD)

Daily Chart of Gold

Technical Outlook: In our last Gold Technical Outlook we noted that a breakout was imminent as price was testing the October trendline. Out ‘bottom line’ cited that “The monthly opening-range remains intact heading into the November close. For now, look for a break of this week’s range for guidance with our broader focus higher while within this ascending pitchfork formation. From a trading standpoint, I continue to favor fading weakness while above 1210.”

Gold rallied through critical resistance early in the week with the advance taking out the November range highs on the way. Daily resistance targets are eyed at the August 2017 low at 1252 backed by the 200-day moving average and the 50% retracement of the yearly range at 1262. Broader bullish invalidation now raised to 1214.

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

Gold 240min Price Chart (XAU/USD)

4 hour chart of gold

Notes:A closer look at price action sees the advance off the November lows holding within the confines of this slope series (red) and suggests the immediate advance may be vulnerable here heading in to the close of the week. Interim support rests at 1236 – a break there would suggest a larger pullback towards the lower parallels at 1227 and the monthly open at 1221- the near-term focus remains higher while above this level with a topside breach targeting subsequent resistance objectives at 1252, 1260 and 1262.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: We’ll favor fading weakness near-term while above the monthly open targeting the upper parallels. From a trading standpoint, a good place to reduce long-exposure / raise protective stops; IF we get a pullback, look for more favorable entries towards slope support next week.

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 Technical Outlook: Price Breakout Approaching Initial Targets
  • A summary of IG Client Sentiment shows traders are net-long Gold - the ratio stands at +3.14 (75.8% of traders are long) – bearishreading
  • Long positions are4.4% lower than yesterday and 6.4% lower from last week
  • Short positions are 3.6% higher than yesterday and 35.0% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and the recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Mchael on Twitter @MBForex or contact him at

Other Weekly Technical Forecast:

Australian Dollar Forecast – AUD/USD, AUD/JPY and EUR/AUD Trend Lines Broken

British Pound Forecast – Sterling Remains Weak

US Dollar Forecast – Dollar Wind Up Threatens to Resolve with a Break Before 2018 Ends

Equity Forecast – Technical Forecast for the S&P 500, Dow Jones, DAX 30 & FTSE

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