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
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
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
GBP/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
USD/JPY
Bullish
More View more
Real Time News
  • 🇨🇳 Caixin Composite PMI (JUL) Actual: 54.5 Previous: 55.7 https://www.dailyfx.com/economic-calendar#2020-08-05
  • 🇨🇳 Caixin Services PMI (JUL) Actual: 54.1 Previous: 58.4 https://www.dailyfx.com/economic-calendar#2020-08-05
  • 🇦🇺 Investment Lending for Homes (JUN) Actual: 8.1% Previous: -15.6% https://www.dailyfx.com/economic-calendar#2020-08-05
  • 🇦🇺 Home Loans MoM (JUN) Actual: 5.5% Previous: -10.2% https://www.dailyfx.com/economic-calendar#2020-08-05
  • Heads Up:🇨🇳 Caixin Services PMI (JUL) due at 01:45 GMT (15min) Previous: 58.4 https://www.dailyfx.com/economic-calendar#2020-08-05
  • Heads Up:🇨🇳 Caixin Composite PMI (JUL) due at 01:45 GMT (15min) Previous: 55.7 https://www.dailyfx.com/economic-calendar#2020-08-05
  • Net speculative $GBPUSD positioning among retail FX traders (via the IGCS) has dropped to its heaviest short view in years. Scale of short interest itself highest since mid-December https://www.dailyfx.com/sentiment?ref-author=Kicklighter&CHID=9&QPID=917719 https://t.co/sHvDlDNQSd
  • The US Dollar slide extended against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah. Focus turns to the US jobs report, ASEAN GDP and the RBI. Get your market update from @ddubrovskyFX here:https://t.co/FLmFQCM0wl https://t.co/L8ZECWZGkV
  • If you missed this week's session on IGCS where I discussed recent trends in the #DowJones, #CrudeOil, $USDCAD and gold prices, check out the recording on YouTube here - https://t.co/khz8Mx2qXk
  • Heads Up:🇦🇺 Home Loans MoM (JUN) due at 01:30 GMT (15min) Previous: -10.2% https://www.dailyfx.com/economic-calendar#2020-08-05
Gold Prices Stopped Short of Resuming Dominant Uptrend, Watch RSI

Gold Prices Stopped Short of Resuming Dominant Uptrend, Watch RSI

2019-02-16 22:00:00
Daniel Dubrovsky, Analyst
Share:

Gold Technical Forecast: Neutral

  • Gold prices made attempt to breach immediate resistance towards the end of last week
  • XAU/USD fell short of resuming dominant uptrend, reinforcing 1323.60 as resistance
  • Watch for fading upside momentum, may place gains at risk. Support at 1302.97 eyed

Find out what the #1 mistake that traders make is and how you can fix it!

Aside from a small push higher towards the end of this past week, gold prices remained in congestion mode after topping around 1323.60. Gold’s pause under this area occurred with fading upside momentum via negative RSI divergence. The rising trend line from November 2018 held alongside support at 1302.97 (the March 1, 2018 low). Prices were unable to breach 1323.60, further reinforcing it as immediate resistance.

Keep a close eye on RSI next week as XAU/USD may attempt another push above resistance. Fading upside momentum may remerge, undermining progress higher that the anti-fiat commodity may make. A push in that direction exposes the November 9, 2016 high at 1337.34. Ascending through it then exposes a range of resistance between 1357 – 1366.

Meanwhile, near-term support remains the rising support line from November. A descent through it exposes 1295.46 which is former resistance from 2017. Should this area be cleared, the next area of support may halt gold’s descent around 1260.80 which is the October 2017 low.Taking all of this into consideration, the gold weekly technical outlook appears to be neutral.

Looking for a fundamental perspective on Gold? Check out the Weekly Gold Fundamental Forecast.

Gold Daily Chart

Gold

Charts created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

Other Weekly Technical Forecast:

Australian Dollar Forecast – AUD/USD Eyes Resistance, AUD/NZD Resumes Fall, GBP/AUD May Bounce

Oil Forecast – The 2019 Crude Bull Market Has Arrived

British Pound Forecast – GBPUSD & EURGBP

US Dollar Forecast – Dollar Within Reach of Two-Year High but Reversal Pressure High

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

DISCLOSURES

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.